Infrastructure investor Infratil has reported a net loss of $1.7 million for the year to the end of March, compared to a profit of $68.2m last year.
The fall in net profit to a small loss was due to a $73.3m turn around in accounting revaluations which lastyear contributed a $60.8m gain and this year a $12.5m loss, the company said today.
The company considers its key figure for comparison to be the operating surplus before tax, which rose 131 per cent to $87.8m from $32.4m in 2007.
The performance of the past year showed how financial market conditions could overwhelm outcomes, even as energy, airport and public transport businesses delivered good results, Infratil said.
Infratil, best known as owners of Wellington Airport, had a successful year as measured by the value created in its core businesses, the positioning of those businesses relative to the trends which had been propelling their growth, and the management of increased risks arising from financial markets.
But Infratil fell short in terms of delivering returns for shareholders over the period, the company said.
An Infratil shareholder who reinvested all dividends and bonus issues would have suffered a 16.5 per cent fall in value in the year to the end of March, roughly equivalent to the average fall of the New Zealand market. In the previous year there would have been a gain of 31 per cent.
Infratil's cumulative return since its formation 14 years ago remained over 20 per cent a year after tax.
A final fully imputed dividend of 3.75 cents per share will be paid , taking total dividends on ordinary shares for the year to 6.25 cps fully imputed.
Infratil shares closed at $2.35 yesterday, having been at $3.25 a year ago.
