By David Winning


SYDNEY--New Zealand investment company Infratil said its half-year net profit more than doubled on a big revaluation of its initial stake in One NZ, and it offered a more bullish view of earnings across the current fiscal year as a whole.

Infratil reported a net profit of 1.21 billion New Zealand dollars (US$729 million) in the six months through September, reflecting a NZ$1.06 billion revaluation gain on its initial 49.95% interest in One NZ after it purchased another 49.95% stake in June. Directors of the company declared an interim dividend of 7 New Zealand cents per security.

Infratil, which also has investments in companies including Manawa Energy and CDC Data Centres, said it was raising and narrowing its fiscal 2024 guidance for proportionate earnings before interest, tax, depreciation, amortization and fair value movements.

It now expects annual proportionate Ebitdaf of between NZ$820 million and NZ$850 million, up from prior guidance for NZ$800 million-NZ$840 million. In the first half, proportionate Ebitdaf totaled NZ$400 million, up 45% on year.

"This is pleasing, at a time when pressure is coming on earnings across the economy," Chief Executive Jason Boyes said.


Write to David Winning at david.winning@wsj.com


(END) Dow Jones Newswires

11-15-23 1621ET