Infratil is back in profit due to improved earnings and an exit from non-performing businesses.
The utilities investor made a profit of $29 million in the year to March, compared with a loss of $191 million a year earlier.
The company has declared an unchanged dividend of 3.75 cents per share.
Operating earnings rose 15% to $90 million, due to lower interest costs.
Infratil's major investment is a 51% stake in electricity generator and retailer TrustPower, which has reported a rise of 14% in its full year profit.
Other main assets include New Zealand Bus, airports in Europe and New Zealand and an energy company in Australia.
Infratil is also in a joint venture with the New Zealand Superannuation Fund, which bought Shell's downstream assets, including petrol stations and a 17% stake in NZ Refining Ltd, which operates New Zealand's only oil refinery.
