Infratil has reported a profit drop after making large investments, including buying a half stake in telecommunications company Vodafone.
The utilities investor's half-year net profit for the six months to September fell 17 percent to $88.1 million.
Revenue rose 9 percent to $802.4m, boosted by a large contribution from Vodafone.
Infratil said that it had invested heavily in the period, including putting $332.6m into its existing businesses.
"The acquisition of Vodafone represented the largest corporate transaction in New Zealand for over a decade when Infratil acquired a 49.9 percent stake alongside global infrastructure investor Brookfield Asset Management.
"The new investments reflect Infratil's focus on growth infrastructure and commitment of capital to high conviction platforms, in particular exposure to long-term data and connectivity growth and renewable energy."
Infratil owns majority stakes in Wellington Airport and Trustpower, as well as data centres and retirement villages in Australia.
Four businesses were sold in the period, including New Zealand Bus, student hostels in Australia, and a poorly performing power company in Perth.
It confirmed its underlying earnings were on track to be between $655m and $695m for the full financial year ending in March.
It would pay shareholders an interim dividend of 6.25 cents per share.