Australian
Thursday 15/10/2009 Page: 21
Transfield Services Infrastructure Fund says it had a strong first quarter and is on track to achieve its full-year financial forecasts. Chief executive Steven Mac-Donald told the fund's annual meeting yesterday that work to improve the fund's power station and windfarm assets in the previous year had produced good results to date. "Our wind generation assets have seen a material improvement in availability, which has enabled them to take advantage of strong winds in the 2010 first quarter," Mr MacDonald told security holders. "Our thermal assets have also performed well due to their enhanced capacity and availability. "Overall, we are in good shape to meet our financial objectives in 2010."
Mr MacDonald said in August that he expected the 2009-10 financial performance to be "slightly ahead" of net profit in 2008-09 of $22.1 million, excluding a $60m writedown in the fund's Collinsville power station. Chairman Peter Young told the meeting that the 2010 distribution was expected to be 12 cents per security, in line with the 2008-09 financial year. Security holders overwhelmingly passed all resolutions put to the meeting, including the reelection of Mr Young and the fund's remuneration report.
The majority of the fund's directors received less remuneration in 2008/09 than in the previous financial year. Mr Young said a review of the fund's capital structure was "'progressing well", but it was too early for definitive statements about the potential outcome. TSI Fund has interests in five power stations, four wind farms and two water filtration plants across Australia. Its stapled securities closed steady at 98.5c yesterday.
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