Performance fees help drive Infratil’s $16m FY21 loss

Covid-19 reduced international passenger arrivals at Wellington airport to a total of 162 in FY21 vs 919,741 the previous year.

Pattrick Smellie

Wed, 19 May 2021

Infrastructure portfolio investor Infratil has plunged to a $16 million statutory loss in the year to March 31, largely reflecting $223m of performance fees to its manager, HRL Morrison & Co.A $49m share of non-cash derivative losses reported by Trustpower, in which it holds a 51% share, and covid-affected performance at Wellington airport and Vodafone NZ were the other main factors that took the firm from a $484.2m statutory profit after tax in the previous financial year to a loss in the current year.On a ‘proportionate ebitdaf&rsqu...

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