(Alliance News) - 3i Infrastructure PLC on Tuesday said its net asset value total return decreased in its latest half year, but raised its dividend with help from increased income and non-income cash.
The Jersey-based infrastructure investment trust said its NAV at September 30 was 351.4 pence per share, up from 336.2p at March 31. NAV total return was positive 6.3%, down from positive 9.3%.
3i shares were up 0.1% at 308.19p in London on Tuesday morning.
The company declared a dividend of 5.95p per share for the half year ended September 30, up from 5.575p the year before.
3i said this increased payout was supported by a "good level" of total income and non-income cash, which increased to around GBP104 million from GBP98 million.
However, 3i said its pretax profit decreased to GBP191 million from GBP247 million, while its investment return fell to GBP215 million from GBP368 million.
Going forward, 3i said it is focused on maximising returns from its existing portfolio, with its "well-proven" strategy of "supporting our portfolio companies to continue to deliver earnings growth, combined with occasional, well-managed exits".
3i also said it is on track to reach its total dividend target of 11.90p per share for the current financial year ending March 31, up 6.7% from the prior year's payout.
By Emma Curzon, Alliance News reporter
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3i Infrastructure (3IN)