Infrastructure investor Infratil has reported a sharply lower profit after the previous year's result was boosted by asset sales.
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Its net profit for the year to March was $66.1 million compared with the previous year's $438.3m, which included more than $430m of gains from the sale of Z Energy and iSite.
Infratil's underlying earnings from continuing operations however, rose 12.4 percent to $519.5 million, above its own forecast.
"Infratil had a positive year of operating performance and capital allocation and is well placed to provide good returns," it said in a statement.
The company recently sold its stake in local retirement village company Metlifecare to focus on overseas investments. The proceeds of that sale have been used to reduce debt.
It has been expanding into property, aged care, and renewable energy in Australia to diversify its more established investments in Trustpower, Wellington Airport, and NZ Bus.
Infratil has forecast operating earnings in the range of $460m to $500m for the coming year.
It has a war chest of $631m of cash and bank facilities for future investments, but is looking at up to another $150m in a bond issue.
