The owner of some of the biggest bus fleets in the country has lowered its earning expectations for the coming year – citing a weaker performance from the public transport markets as part of the issue.
Infratil, which owns NZ Bus and part of Z Energy among a portfolio of investments, expects earnings of $490 million for the year to the end of March 31, down from previous guidance of $500 million, and lower than last year’s result of $538 million.
“The updated EBITDAF guidance for 2014 is at the lower end of the previous guidance range due to a slightly weaker trading performance in New Zealand energy and public transport markets and the impact of the weaker AUD$ on earnings,” chief executive Marko Bogoievski told an investors’ briefing in Wellington.
In the past year, Infratil has reduced its holding in petrol retailer Z Energy and added a stake in retirement village developer and operator Metlifecare to its energy, airport and public transport holdings.
