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NZ's Infratil posts year loss on asset writedowns

Sun May 17, 2009 7:07pm EDT

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WELLINGTON, May 18 (Reuters) - New Zealand utilities investor Infratil Ltd (IFT.NZ) on Monday reported a full year net loss on the back of writedowns of assets.

Infratil's 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.

Shares in Infratil, a top-10 stock, 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 (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 main 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).

Since the balance data 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)



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