WELLINGTON: New Zealand utilities investor Infratil Ltd posted a first half loss on Tuesday due to revaluations and writedowns, but said it was confident it would meet its full year targets.
Infratil's net loss for the six months to Sept. 30 was NZ$17 million ($13.90 million) compared with NZ$50 million profit a year earlier.
The company declared a dividend of 3.25 cents a share compared with 3 cents.
The loss reflected a previously-advised NZ$43.9 million writedown in the value of its Prestwick and Kent airport investments, which have been put up for sale.
Earnings before interest, tax, depreciation, amortisation and financial instruments (EBITDAF) rose 7 percent to NZ$295 million.
The company reaffirmed its previous forecast EBITDAF for the March 2013 year of between NZ$530 million to NZ$560 million.
Infratil shares closed on Monday at NZ$2.175. The top-10 stock has risen around 16 percent so far this year compared to a 21 percent rise for the benchmark top 50 index.
The company's main investments are 51 percent of power company TrustPower, and a stake in Z Energy, the former New Zealand downstream assets of Royal Dutch Shell, which it bought in a joint venture with the state pension fund for around NZ$700 million.
Z Energy includes a network of more than 200 petrol stations, pipes and storage, and a 17 percent stake in oil refinery operator Refining New Zealand Ltd.
Other Infratil investments include New Zealand Buses Ltd, the country's biggest public transport provider, airports in Europe and New Zealand, and stakes in Australian power generators and retailers.
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