HSBC Infrastructure still buying

12th Nov 2009 16:20

Investment trust HSBC Infrastructure’s net asset value per share held steady over the March to September period.Net asset value (NAV) per share as at 30 September stood at 113.3p on a consolidated IFRS basis, up from 111.1p at the end of March, while on an investment basis the NAV per share eased to 109.7p from 110.5p at 31 March.The company said it has a number of investment opportunities within its sights, and expects to make more purchases in the next six months. It is focusing on public/private partnership projects in the UK, Europe, North America and Australia, as well as operational renewable energy projects.In contrast to many investment companies, the shares of HSBC Infrastructure (HICL) trade at a premium to NAV per share, a trait which the company chairman, Graham Picken, attributed, in part, to ‘our yield prospects and balance sheet stability.’On a consolidated IFRS basis, profit before tax in the six months to the end of September was £26.7m, versus a loss of £1.4m a year earlier. On an investment basis, profit before tax climbed to £8.5m from £4.5m. HICL is proposing to pay an interim dividend of 3.2p, up from 3.125p last year.