Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and NZME. news service.

Infratil earnings leap tipped

David Newman, Chairman of Infratil. Photo / NZPA
David Newman, Chairman of Infratil. Photo / NZPA

The reporting season starts this week, and infrastructure company Infratil and property companies are expected to feature prominently.

Tomorrow Infratil, which owns and operates businesses in the renewable energy, airport and public transport sectors, is expected to report a lift in its earnings for the year.

Infratil last year forecast earnings before interest, tax, depreciation, amortisation and financial instruments of $460 million to $490 million, up from $443 million in 2010/11, reflecting gains in TrustPower, Wellington Airport, NZ Bus and Z Energy, and a slight reduction in contribution from Infratil Energy Australia.

TrustPower is expected to form a big part of Infratil's performance over the year.

The company on Friday reported a consolidated profit after tax of $131.7 million for the March year, up 17 per cent on the previous year.

On Wednesday, Kiwi Income Property Trust will report its annual result.

The trust's distributable profit after tax for the year to March is expected to be slightly above previous guidance given of 7c a unit.

The value of the trust's retail portfolio increased by 1.8 per cent to $1.3 billion in the year, driven by the trust's Auckland shopping centres.

Kiwi Income's flagship asset, Sylvia Park, increased in value by 5.8 per cent to $500 million because of its strong trading performance.

LynnMall, which was bought by the trust in 2010, has shown value growth of 4.1 per cent compared with the year before.

On Thursday, Christchurch-based retirement home operator and developer Ryman Healthcare is to report its annual result.

The company, which is the biggest listed operator in its field, reported a 15 per cent increase in underlying profit for the first half to $41 million, which was a record.

Goodman Property Trust's annual result is also due on Thursday. The independent valuation of the trust's $1.6 billion property portfolio, undertaken for year-end reporting purposes, resulted in a devaluation of 1.2 per cent or $20.4 million.

Briscoe Group will hold its annual meeting on Thursday.

The retail chain has already announced that its sales rose by 6.5 per cent in its first quarter and that its group profit was tracking ahead of last year.

Briscoe said sales for the three months to April 29 came to $102.5 million compared with $96.3 million in the same quarter of last year.

On Friday, Property for Industry will hold its annual meeting.

The company, which has a portfolio of 49 industrial properties nationwide, posted a decline in distributable profit on property sales and lower occupancy in the first quarter.

To cap off the week, tap and shower fittings manufacturer Methven is to report its annual result.

The company's guidance is for a net profit of between $6 million and $8 million.

This compares to the year before's reported profit of $4.7 million.

- APNZ

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