Macquarie Posts Fourth-Quarter Profit© 2006 The Associated...

Macquarie Posts Fourth-Quarter Profit

© 2006 The Associated Press

NEW YORK — Macquarie Infrastructure Company Trust, a provider of airport fueling and management services, said Wednesday it finished off its first full year of operations with a fourth-quarter profit, beating Wall Street expectations.

Macquarie, which went public in December 2004, earned $8.3 million, or 31 cents per share, on revenue of $86.6 million for the quarter.

Analysts polled by Thomson Financial had expected earnings of 24 cents per share.

For the full-year 2005, the company earned $15.2 million, or 56 cents per share, on revenue of $304.7 million. The results included a $4.4 million, or 16 cents per share, from a tax asset valuation allowance.

The company's airport service unit generated profit of $7.1 million for the year, while its airport parking divisions posted a loss of $3.3 million.

Macquarie said it expects the airport services business to generate $115 million to $125 million in gross revenue in 2006.

The company also said Wednesday its board has approved a fourth-quarter cash distribution of 50 cents per share. The dividend will be paid on April 10 to shareholders of record as of April 5.

Macquarie shares rose 35 cents to $34.83 in midday trading on the New York Stock Exchange.