Utilities investor Infratil has reported a higher full-year net profit after selling its stakes in Z Energy and iSite Media.
Its profit in the year to the end of March climbed to $496 million, compared to $466m in the previous period.
The company's underlying earnings from continuing operations - which include Trustpower, Wellington Airport, NZ Bus and Metlifecare - rose 2.5 percent to $462m.
It will pay a higher dividend of 9 cents per share next month.
Infratil expects its underlying earnings to rise modestly in the new financial year.