"We would have liked the $728.6 million on deposit with our banks to have been deployed to more productive investments, but this is an environment that will reward patience and discipline."
Infratil has up to $1 billion to spend on new investments after selling its 20 per cent stake in Z Energy last year, having been unsuccessful in its bid for renewable electricity firm Pacific Hydro, which cost $5 million.
Last month, the firm told investors it's looking at Australian and New Zealand technology prospects to build on its existing portfolio, and has committed US$25 million to California-based Envision Ventures Fund.
The board declared a final dividend of 9 cents per share payable on June 15 with a June 2 record date. That takes the annual dividend to 14.25 cents, up from 12.5 cents a year earlier.
Net profit, which includes gains on the sale of assets and unrealised movements in the value of its portfolio, rose to $495.5 million from $466.3 million, on an 8.6 per cent gain in revenue to $1.78 billion.
The shares last traded at $3.31, and have increased 1.1 per cent this year. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters, with a median target price of $3.53.
See Infratil's latest investor presentation here:
