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Macquarie International Infrastructure Fund achieved a net income on an adjusted basis (net income) of $37.8 million for the nine months to 30 September 2010, down $13.9 million from the prior corresponding period. Net income for the quarter was $33.2 million, up $9.6 million on Q3 2009.
Income for the nine months to 30 September 2010 was in line with expectations:
- Higher investment income received from Hua Nan Expressway of $21.3 million (2009: $14.2 million) and Changshu Xinghua Port of $4.6 million (2009: $1.1 million);
- Investment income received from Taiwan Broadband Communications (TBC) was lower at $12.7 million (2009: $16.6 million) due to the amortisation of its debt facilities;
- Lower or cessation of investment income from MIIF’s non-Asian investments which have been divested; and
- Higher total operating expenses (up $0.8 million) driven by higher management fees.
John Stuart, Chief Executive Officer of MIIF’s manager, says: “MIIF’s core Asian infrastructure businesses have continued to perform strongly. Revenue at Changshu Xinghua Port is up significantly due to continued cargo diversification, whilst Hua Nan Expressway has witnessed strong growth in traffic due to the continuing economic recovery in the Guangdong region and the opening of Phase III section of the road. In addition our investments have made significant distributions to the Fund during the quarter. Management continues to be focused on executing MIIF’s strategy of acquiring Asian infrastructure businesses. We have reviewed a number of investment opportunities in which to deploy MIIF’s significant cash balances, however none of these opportunities have met the strict investment criteria that we apply.”
MIIF’s NAV as at 30 September 2010 was down slightly at $1.03 billion compared to 30 June 2010 ($1.04 billion), mainly due to adverse currency movements.
Despite a dividend payment of $19.5 million in September 2010, MIIF’s cash balance increased to $478.6 million (up from $465.2 million as at 30 June 2010). This cash balance represents $0.37 per share of NAV.
