The trust reported after-tax profit of $2.951million, a $1.9million decrease on last year's result.
Chief executive Chris Ramsay said part of the result was due to a write-off of two Invercargill CBD buildings - the Barluca and The Kiln - which were demolished to make way for construction of The Langlands inner-city hotel.
"In the normal scheme of things, this would be something to be very concerned about but this is the write-off of the building assets on the new hotel site.
"We've actually managed to increase comparable profit by 2.9% at a time when we've closed two businesses, so the process has been very well managed."
Mr Ramsay said the trust was in a "growth phase", particularly with regard to reinvesting in and adding to its asset base.
Chairman Alan Dennis agreed and said the trust remained committed to continuing its support for a vast array of local organisations.
Grants totalling $8.399million were injected into the community, compared with $8.318million last year.
"We're building a new hotel, reinvesting in our businesses at a record level of $7.5million and we're doing this while maintaining our current grant levels."
ILT employs 700 staff across its establishments and also spends more than $30million annually with local suppliers.
Mr Ramsay said the budget for the coming year would have aggressive targets for project repair and maintenance work, including the Homestead Avenal, which is under way.
"We're in a sound financial position and this is another solid financial year's performance."
