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HICL FY Profit Down; Not To Increase Dividend Amid Covid-19

HICL Infrastructure Plc. (HICL.L) reported Wednesday that its profit before tax for fiscal year ended March 31 was 50.0 million pounds, sharply lower than last year's 285.7 million pounds.

Earnings per share were 2.7 pence, down from 15.9 pence a year ago.

Income dropped to 86.7 million pounds from 324.1 million pounds a year ago.

The company noted that solid underlying portfolio performance was offset the exceptional impact of Covid-19 on HICL's demand-based assets and changes to macro-economic assumptions.

Net asset value or NAV per share declined to 152.3 pence from 157.5 pence last year. NAV total return was positive at 1.9%, compared to last year's 10.8%.

Citing the exceptional circumstances brought by the Covid-19 pandemic, at the current time the Board believes it would not be appropriate to increase the dividend in 2021.

The Board has revised the target dividend guidance for the year ending 31 March 2021 to 8.25p per share, maintaining the level of dividend paid in the year to 31 March 2020.

The Board will revisit guidance for the year ending 31 March 2022 when the timing and extent of economic recovery becomes clearer.

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