LONDON (dpa-AFX) - HICL Infrastructure Co. Ltd. (HICL.L) said its full-year pre-tax profit jumped to 84.2 million pounds from a year ago. Pre-tax profit for the year increased materially owing to gains on finance receivables arising from a 1.0% reduction in UK long term gilt rates which has only partially been offset by adverse mark-to-market movements on interest rate swaps.
On a per share basis, earnings were 13.1 pence, higher than last year.
Profit before tax, on an investment basis, totaled 62.0 million pounds, up from the prior year. The increase was attributable to contributions from new investments, actual inflation exceeding the 2.75% valuation assumption and valuation uplifts from projects coming out of construction.
Total income for the full year grew year-over-year to 377.8 million pounds.
Looking ahead, the company continues to look for further acquisitions in the UK and overseas consistent with its publicly stated policy for new investments. The company remains confident that its investment portfolio is of sufficient quality to perform resiliently.
HICL Infrastructure maintained its target of a distribution of 7.0 pence per share for the year ending 31 March 2013.
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© 2012 AFX News
