Toll road operator Macquarie Infrastructure Group
(ASX:MIG) says the ongoing dislocation in global economic and market conditions continues to have an impact on the valuation of the company’s toll road portfolio.
Preliminary calculations indicate that the group’s portfolio as at June 30 is valued at around $5.1 billion, with a net asset backing of around $2.54 a security.
Macquarie Infrastructure says this valuation has been primarily affected by lower forecast traffic volumes, changes to asset discount rates, and the impact of movements in foreign exchange rates.
However the company says a continuation of higher assumed financing costs, and changes to interest rates and inflation rates across the portfolio have also contributed to this reduction.
In February, Macquarie Infrastructure valued its portfolio at $7.078 billion as at December 31, 2008. Macquarie Infrastructure Group’s best net profit in the last five years was in 2007, recording $1.7 billion.
Wealth management company AMP Ltd (ASX:AMP) has appointed former St George Bank CEO Paul Fegan to the AMP Board effective from August 1.
Mr Fegan’s 30 years experience in the financial services industry includes roles in the US, UK, Hong Kong and Australia.
Mr Fegan who joined St George in 2002, has also worked as chief operating officer of Yorkshire Bank in the UK.
Chairman Peter Mason says Mr Fegan’s wealth management experience will be a valuable addition to the AMP Board. AMP’s 2008 net profit was $580 million.
Provider of subsea services to the oil and gas sector, Neptune Marine Services Ltd (ASX:NMS), is to acquire Singapore based Core IRM, a provider of inspection, repair and maintenance services to the oil and gas and petrochemical industries.
Neptune says it will pay $11.35 million for the entire issued capital of the company, with an additional performance related payment of $872,000 to be paid over the next 12 months.
CEO Christian Lange says he expects the acquisition will add approximately 10 per cent to the Group’s annual revenue and will be earnings accretive from inception.
Neptune also announced that it has secured $25 million worth of new projects in both Australia and international markets all scheduled to be completed in the first half of fiscal 2010. Neptune Marine Services lifted itself out of the red to post a profit in 2008.
