Strong contributions from Infratil's retirement home investments in New Zealand and Australia boosted full-year revenue 2.5% to $462.1million.
Infratil retains a war chest of more than $900million, with an eye to further acquisitions.
While its stake in Trustpower provided the bulk of earnings, albeit it flat on a year ago at $329.4million, Metlifecare's contribution rose 32% from $9.4million a year ago to $12.4million, while the first full year contribution from Retire Australia was $21.1million.
Infratil's shares were up slightly at $3.35, following the announcement.
The net surplus for the year to March was $438.3million, up from $383.5million last year, which included contributions of $436.3million from the sale of Z Energy and iSite. Businesses sold last year contributed $372.1million.
Forsyth Barr broker Suzanne Kinnaird said the result was "modestly better'' at the level of earnings before interest, tax, depreciation, amortisation and financial instruments, up from $450.7million last year to $462.1million.
She said RetireAustralia and NZ Bus were the main contributors, the latter having improved its operating cost base, following a couple of years of investment.
"However, excluded from the NZ Bus result is $4million of provisions relating to the South Auckland contract loss, and there is also a $55million impairment of goodwill, also associated to that loss of contract,'' she said.
The company said its asset sales and a "modest level of reinvestment'' had left Infratil in a "cashed up'' position at March, with $728.6million on deposit, $67.5million borrowed from banks and bond funding of the wholly-owned group at $957million. Net debt was $295.9million.
Ms Kinnaird said Infratil had reiterated its guidance for full year 2017, of $475million-$515million, a "modest increase'' on this year. Trustpower was the key driver.
Craigs Investment Partners broker Peter McIntyre said Infratil's half yearly breakdown was "distorted'' for the aged-care profits, due to a change in accounting, which now excludes unrealised revaluation gains.
"Infratil continues to have unprecedented access to capital,'' Mr McIntyre said.
As at March, it had $728.6million cash in hand, while net debt was only 14% of Intratil's capitalisation.
Infratil said its current capital position could allow for up to $1billion of new investment, or the return of $500million to shareholders, or a combination.
However, it said work was under way to "deliver uses for this capital that satisfy Infratil's risk-adjusted return targets''; which appears to signal to shareholders the cash will be retained until investment plans are finalised.
Infratil said the reasons for retaining capital at present included market uncertainty and also the long lead-times required of most of Infratil's internal investments
"Over the previous two years there were also special dividends, but a repeat is at least postponed until the success or otherwise of current investment plans is known,'' Infratil said yesterday.
