Aust Infrastructure year net profit up 2pc to $109.5m Australian...

Aust Infrastructure year net profit up 2pc to $109.5m



Australian Infrastructure Fund (ASX code: AIX) increased net profit 2
per cent to $109.52 million in the year ended June 30 from $107.66
million for the previous year.
Revenues rose 9 per cent to $131.31 million from $120.73 million
while revenues excluding unrealised gains and losses were up 89 per cent
to $45.91 million from $24.27 million.
Net cash-flows from operations were up 143 per cent to $55.49
million from $22.87 million.
Distributions for the year totalled 14.5c, up from 13c.
Net tangible asset backing per security improved 8 per cent to
$2.364 from $2.1865.
Chairman Mr Paul Espie said: "The results for the year to 30
June 2006 reflect the benefits of a high-quality portfolio of
diversified assets.
"The board believes that the assets will continue to perform in
the 2006/07 financial year."

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Chief operating officer Mr Peter McGregor said: "The AIX
portfolio generated a gross return of 18.5 per cent for the year.
"The key driver of the returns was the performance of the four
core airport assets - Melbourne, Perth, HOCHTIEF AirPort Capital (HTAC)
and Queensland Airports.
"These assets account for 84.3 per cent of the portfolio by
value, and contributed 93.3 per cent of the returns for the year."
Mr McGregor said: "Queensland Airports was the largest
contributor to cash-flow during the period, generating in excess of
$30.5 million and a total return of 39.4 per cent, while HTAC generated
a total return of 19.9 per cent, largely due to a significant upward
revaluation, reflecting the positive underlying asset performance and an
element of currency revaluation.
"Perth, Melbourne and NT Airports continued to provide
consistent returns and a balanced mix of cash-flow and revaluation
gains.
"The main port assets of Portland and Geelong, whilst making a
positive contribution to overall portfolio performance, generated
returns at below the level of long-term expectations, due to a difficult
operating environment for key commodities transported through the
ports."