Infratil's annual net profit has sunk to a fraction of the previous year's figure, hit by write-downs in the value of its British airports.
The infrastructure investment firm reported a net profit of $3.4 million for the year to the end of March, from $51.6 million the previous year.
Infratil's operating profit from continuing operations rose 5.5% to $538 million in the year to the end of March.
The company is predicting this year's operating profit will be between $520 million and $560 million, assuming no change in its investment portfolio.
The company wrote off $62.4 million from the value of its two British airports, both of which are up for sale. Last year it wrote off $37.3 million from the two facilities.
It says the outlook is consistent with last year and reflects softer expectations from Trustpower and Infratil Energy Australia.
Both those companies' operating profits should improve after the 2014 financial year since both are investing in assets and operational capability.
Infratil says the 52% increase to $98 million in Infratil Energy Australia's contribution to operating profit, reflecting a strong performance in retailing energy, was a particular highlight.
Another was Trustpower beginning construction of its $550 million Snowtown II wind farm, it says.
Infratil says Z Energy, which is expected to be floated in the September quarter, produced a solid result.
