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Record year for Christchurch International Airport

Wednesday 12 October 2005

Record year for Christchurch International Airport

With unprecedented growth in international passenger numbers and the introduction of new services to Los Angeles, Dubai and Rarotonga, Christchurch International Airport Limited (CIAL) has announced a significant increase in revenue for the year ended 30 June 2005, resulting in an after tax surplus of $16.5 million, an 11.5% increase from last year.

With total revenue up 12.6% to $71.8 million and passenger numbers up 8% to 5.5 million, the strong result has enabled the company to improve the return to shareholders with a dividend payout of $9.3 million and an increase in shareholder equity to $222.6million.

'We are pleased to announce another solid financial result. Our strong balance sheet has allowed us to deliver increased shareholder value and position the company for the future' said Chairman Syd Bradley.

Acting Chief Executive Vic Allen said that strong support from airlines and the growing popularity of the South Island as a destination of choice underpinned the result. 'We have adopted an innovative marketing strategy to grow demand for Christchurch and the South Island as a holiday destination. We continue to invest in new markets and have seen some success. Take our growth in the inbound holiday travel market over the past year. International holiday travellers flying into Christchurch in 2004/2005 grew by 54,749 - compared with 144 into Auckland and 8,564 into Wellington.'

Mr Bradley added 'Looking ahead we will progress our strategic direction to provide the capability and infrastructure to meet existing and future demands of increased passenger growth. We are well placed to proceed with our $200 million terminal development and thereby improve the travelling experience for our customers. The development will enable us to accelerate our vision to be the leading destination for holiday travel in New Zealand.'

Key Performance Statistics Financial Year Ended 2005 International Aircraft Movements increase 29.5%International Passenger Movements increase 25.1%Domestic Aircraft Movements decrease 5.8%Domestic Passenger Movements increase 3.1%Operating Revenue $70.8 Million increase 11.9%EBITDA $42.2 Million increase 10.3%Total Equity $222.6 Million increase 3.3%

ENDS

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