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Post by ferryfast admin on Feb 8, 2006 20:17:24 GMT -5
Investments dent Infratil profit
Posted at 7:01am on 9 Feb 2006
Infratil says new investments in the Stagecoach bus company and European airports have impacted on its bottom line.
The infrastructure investor says its profit fell by a third to $13.1 million for the nine months to December.
Infratil bought Stagecoach and Fullers Ferries for $250 million last year, Kent airport for $47 million and took a 90% stake in Germany's Lubeck airport.
While the purchases hurt earnings, Infratil says the assets will pay off longer term, noting that it received almost $47 million in dividend payments from Wellington Airport and TrustPower during the period.
The company says its asset base has grown by about 20%, while the company's purchases have raised debt levels to just over 40% of capitalisation.
Looking ahead, Infratil expects its core investments to continue to perform well, while newer assets Kent and Lubeck airports will still need a few years to contribute to Infratil's earnings.
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