UPDATE 1-NZ's Infratil posts year loss on asset writedowns

* Net loss on asset writedowns

* Operating profit slightly weaker

* Looking to investment opportunities from recession (Adds company comment)

WELLINGTON, May 18 (Reuters) - New Zealand utilities investor Infratil Ltd (IFT.NZ) reported a widening full-year net loss on Monday after writing down assets, but said its core business was performing well in the global downturn.

Infratil posted a net loss after tax of NZ$191 million ($112 million) in the year to March 31, compared with a NZ$1.7 million loss a year earlier. It wrote down NZ$179 million on its listed investments during the financial year.

"Although management's priority is capital preservation and performance, new investment opportunities continue to be progressed with the objective of positioning Infratil for future growth," acting Chief executive Marko Bogoievski said in a statement.

Shares in Infratil last traded down 3 percent at NZ$1.65, in a flat broader market .NZ50.

The company declared an unchanged dividend of 3.75 cents a share.

Infratil said its operating surplus, or earnings after interest, depreciation and amortisation, was NZ$77 million, compared with NZ$88 million a year ago.

Infratil's main investment is a 51 percent stake in Trustpower (TPW.NZ). It also has other energy investments in Australia.

Its other assets include New Zealand Buses Ltd, the country's biggest public transport provider, Glasgow Prestwick, Kent International and Luebeck airports, two-thirds of Wellington International Airport and a small stake in Auckland International Airport (AIA.NZ).

Infratil said some of its businesses and investments were not producing a satisfactory returns, and they must be improved, or the capital would be extracted for better use elsewhere.

The company has announced asset sales including the sale of its stake in Fuller Ferries and the sale of three bus depots. ($1=NZ$1.71) (Reporting by Adrian Bathgate)