News Column

3i Infrastructure Says Net Asset Value Up But Total Return Falls

May 9, 2014

Anthony Tshibangu

LONDON (Alliance News) - Closed-ended investment company 3i Infrastructure PLC Friday said its net asset value per share increased for the full year, but its total return dipped slightly as its India Fund was beset by a number of problems.

The Jersey-incorporated company, which invests in infrastructure businesses and assets, said its net asset value per share rose to 126.4 pence at March 31, from 125.2 pence in 2013.

3i Infrastructure generated a total return of GBP71 million for the year, or 6.6% on opening net asset value, compared with a total return of GBP89.1 million, or 8.6% on opening net asset value, in 2013.

The company said its total return for 2014 was driven by a strong performance from its European portfolio, which continued to generated good levels of income and unrealised capital appreciation.

However, it said the European portfolio's good returns were offset in part by a poor performance from the India Fund, which was affected by political and market uncertainties, currency devaluation, and weaker economic performance in the first half of the year. This resulted in the total return for the year being below the company's target return of 10% a year.

The 3i India Infrastructure Fund is a USD1.2 billion Limited Partnership fund established to invest in the Indian infrastructure market. It has a portfolio of seven investments in the power and transportation sectors.

3i said its portfolio was valued at GBP996.0 million at the year-end compared with GBP918.7 million a year earlier. It said income from its portfolio rose to GBP82 million from GBP72 million in 2013.

The companies assets include Anglian Water Group and Eversholt Rail Group.

3i declared a final dividend of 3.35 pence per share, down from 3.52 pence making a total dividend of 6.7 pence per share up from 6.49 pence in 2013.

3i Infrastructure shares were quoted up 0.5% at 135.28 after the open Friday.

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Source: Alliance News

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