24th Mar 2014 08:44
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd Monday said its annual pretax profit fell but raised its full-year dividend by 4.1% to 6.375 pence regardless.
JLIF's pretax profit fell to GBP32.1 million in 2013 from GBP33.5 million in 2012. Although returns from investments in projects grew by 38% to GBP48.4 million, which JLIF put to the portfolio's increased size, its said the growth of the investments at fair value was offset by increased costs and unrealised foreign exchanges losses on investments and cash balances.
Costs rose as a result of higher administrative expenses, which increased by GBP4.5 million to GBP12.8 million due to higher acquisition costs compared with the prior year and higher management fees because of the increased value of the portfolio.
"JLIF performed very well in 2013, delivering strong growth for the portfolio. We successfully completed two further capital raisings, one of which was the largest fundraise since IPO. This further demonstrates the success of our business model and the increasing demand for infrastructure as an asset class," Paul Lester, chairman, said in a statement.
"The outlook for JLIF, and the infrastructure landscape in which we operate, remains favourable," Lester added.
JLIF shares were Monday quoted at 116.87 pence, up 0.2%, shortly after the open.
By Samuel Agini; [email protected]; @samuelagini
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