Utility group NTR has embarked on a $125 million (€90.6 million) drive to expand into the waste industry in the US.

NTR's most profitable division has bought two US companies since the start of this year.

The former National Toll Roads, which yesterday reported a 36 per cent drop to €14.2 million in the profits attributable to its equity shareholders, said it will pursue US waste deals worth $5-$50 million in the next year and will "leverage up" an equity commitment of $100-$125 million to such transactions.

The diversified group, which is investing heavily in wind energy and biofuels in advance of a "liquidity event" some time in 2009, has spent a total of less than $20 million buying Pittsburgh firm Recycle Management Corp and Illinois business Delta Management Group. The US recycling business was fragmented and has scope for consolidation.

Attributable profits in the year to March were down from €22.2 million in the prior 15-month period. Revenues declined to €446.9 million from €467.98 million but underlying revenues were up 19 per cent on a time-adjusted basis. Some €753 million in capital expenditure helped bring total non-current assets to €1.49 billion from €787.3 million.

NTR reported €79.4 million in earnings before interest tax depreciation and amortisation (EBITDA). This was down from €84.7 million but up 17 per cent on a time-adjusted basis. Earnings per share declined to 6.7 cent from 11.5 cent, but NTR increased its dividend to 6.10 cent per share from 4.46 cent.

Chief executive Jim Barry said NTR will examine all options for the loss-making Irish Broadband unit, which is known to have been on the market for some time. However, he said NTR will not conclude a "stupid" deal to dispose of that unit and might pursue a merger.

The fiscal year closed before NTR concluded a €488 million monetisation arrangement on the deal with which the Government will buy back the West-Link bridge between 2008 and 2020.

Revenues at wind energy unit Airtricity declined to €176 million from €236 million in prior period and EBITDA declined to €12.6 million from €18.5 million.

Waste division Greenstar saw its revenues rise to €190.4 million from €161.2 million and EBITDA grew to €53.9 million from €38 million. The road tolling operation's revenues fell to €53.5 million from €62.6 million. EBITDA fell to €25.6 million from €38.8 million in the prior period.

Biofuel unit Bioverda made a maiden contribution to the top line, with revenues of €14.2 million. Its loss before interest, tax, depreciation and amortisation was €1.9 million.