Infrastructure group NTR said yesterday that pre-tax profits in the first half rose by 64 per cent, lifted by strong performances from its wind energy, road and waste management businesses.

Pre-tax profits rose to €12.6 million, from €7.67 million a year earlier, as turnover grew by 31 per cent to €126 million.

NTR said it was on course to post an increase of at least 10 per cent in after-tax profits for the full year, in line with previously issued guidance.

The company, which operates both the East-Link and West-Link toll bridges in Dublin, said earnings per share increased by 61 per cent to 45.5 cents and the interim dividend was increased by 10 per cent to 10.91 cents.

Turnover at the group's tolling operations rose by 24 per cent to €21.1 million, helped by a 10 per cent increase in traffic at the West-Link toll bridge in Dublin following the opening of a second West-Link bridge.

The company, which is involved in the consortium that won the contract for the Dundalk western bypass, is interested in bidding for the Clonee-Kells motorway and the Limerick southern ring, finance director Mr Michael Walsh said.

NTR's waste management business, Greenstar, reported a 22 per cent rise in turnover to €46.4 million. The company began construction of its second residual landfill in Knockharley in Co Meath in January. NTR said it would be complete in December and ready for business in January.

Airtricity, the wind-energy business in which NTR has a 51 per cent stake, increased its customer base in the Republic by 1,200 to 27,600 while the number of customers in Northern Ireland rose by 1,300 to 4,200.

Total megawatts in operation at the end of June rose to 89 megawatts from 53.5 megawatts at the end of 2003.

NTR's turnover from wind energy rose by nearly 43 per cent to €60.4 million.

Following an €88 million fundraising in June, Airtricity should have sufficient capital to fund its expansion plans for the next 18 months to two years, Mr Walsh said.

The company's latest venture, Irish Broadband, reported a rise in turnover from €82,000 to €751,000 and is now focusing on building its customer base in Dublin and Cork.

NTR, which spent €92.5 million on capital expenditure in the first half, said net debt stood at €204 million at the end of June, up from €170.5 million at the end of 2003.

Mr Walsh said the company had sufficient capital to support its continued growth and had no plans to float in the next two to three years.

"We have no need to go public. We don't need access to the capital markets," he said.

Shares in NTR, which are traded on a "grey" market, last traded at €12.25, giving the company a market capitalisation of around €280 million.