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Infratil's move to increase its stake in Trustpower and the sale of its holding in Port of Tauranga helped power a more than 200 per cent increase in the investment company's net profit during the nine months to December.
Infratil's net profit of $55.98 million for that period
was 215 per cent ahead of the same period a year ago.
Though the company's operating surplus before tax was little changed at $17.76 million, it received a substantial boost from investment realisations and revaluations of $38.45 million against $239,000 a year ago.
The company said its financial and operational results for the third quarter were in line with expectations but were "upstaged" by a series of transactions concluded toward the end of the period.
They included its acquisition of Alliant Energy's shares in Trustpower at a bargain price and a subsequent sell down on market, and to the Tauranga Energy Consumer Trust leaving it a 50.5 per cent controlling stake. Its sale of 5 per cent of Port of Tauranga also netted a gain of $38 million.
Over the third quarter Infratil secured its 48.5 million additional shares in Trustpower for $286 million - a net cost $5.90 a share.
Trustpower shares were trading at about $7 each at the time.
Meanwhile, Trustpower contributed $29 million to Infratil's earnings over the nine months against $24.2 million a year ago.
"The 20 per cent increase reflected higher than average generation output and excellent management of electricity price risk," the company said.
Chief executive Lloyd Morrison said Trustpower's "excellent result" surprised a few people "considering the difficult conditions" where a dry hydro year meant high prices on the wholesale electricity market.
Wellington Airport, in which Infratil holds a 66 per cent stake, lifted operating earnings by $2.2 million to $37.2 million despite relatively flat passenger numbers.
Infratil Airports Europe contributed a loss of $800,000 as against a $5.6 million profit a year ago.
Infratil Energy Australia contributed earnings of $7.3 million compared to a loss of $2.1 million last year.
During the third quarter its Victoria Electricity retail division had 147,200 customers against 77,000 at the end of March.
NZ Bus which Infratil purchased from Scottish company Stagecoach almost two years ago contributed $11.5 million to group earnings, a result Morrison described as "adequate".
Potential changes to the public transport sector by policy makers meant there was "uncertainty as to the future of that business".
Morrison said the recent disruption to Wellington bus services caused by a new computerised rostering service and driver shortages would cost the company hundreds of thousands of dollars, he said.
The "embarrassing" disruption last week saw rush hour services cut and drivers unfamiliar with routes literally lose their way.
Infratil shares closed a cent lower at $5.79 yesterday.