Infratil has lifted its forecast for full-year earnings to a range from $415 million to $435 million following a surge in half-year profits from its Australian energy businesses and a better than expected results from its Greenstone Energy fuel business.
In August it forecast a range of between $390 million
and $430 million.
The company says its exposure to rising energy prices and consumption, air travel and public transport was pushing earnings towards $500 million a year.
The company yesterday reported an improved six months to September 30 in which operating earnings increased 24 per cent to $258 million up from $207 million a year earlier,
Net income was $16 million compared with a loss of $31 million a year earlier. It put the increase down to Infratil Energy Australia's higher earnings, $61 million up from $10 million, and the $13 million equity contribution from Greenstone which with the NZ Superannuation Fund bought Shell in April.
Total group income rose 11 per cent while net operating cash flow was $94 million, up from $47 million.
Other parts of the business had performed "satisfactorily".
Its TrustPower stake makes up almost half of Infratil's investment portfolio, but the generator and retailer had been hit by reduced power use in New Zealand during a mild winter and a lack of wind at its South Australian wind farm.
Infratil also owns 66 per cent of Wellington Airport and chief executive Marko Bogoievski said reviews of its distinctive new terminal, The Rock, had been generally favourable.
Airport director Tim Brown, from Infratil's investment manager Morrison & Co, said: "One of the reasons behind the Rock's development was to be attractive to long-haul carriers, not just plugging into the Australian market but ultimately we do see Wellington airport as a gateway to Asia. It's just a matter of the [Boeing] 787s turning up."
Infratil shares closed down 1c at $1.89 yesterday.
