Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Auckland Airport lifts 1H profit 12%, ups FY forecast

Auckland Airport lifts 1H profit 12 percent, hikes FY forecast

By Paul McBeth

Feb. 20 (BusinessDesk) - Auckland International Airport, the country’s main gateway, boosted first-half profit 12 percent as new routes and increased capacity stoked passenger activity, and the hub is now expecting bigger annual earnings as a result.

Net profit rose to $85.9 million, or 6.49 cents per share, in the six months ended Dec. 31 from $76.9 million, or 5.82 cents, a year earlier, the Auckland-based company said in a statement. The earnings were in line with a forecast by First NZ Capital.

Underlying earnings, which strip out one-off charges and revaluation changes, climbed 14 percent to $86.7 million. Auckland Airport raised its guidance for full-year earnings to between $166 million and $172 million, from a previous range of between $160 million and $170 million.

“The company is pleased to record an interim result which has exceeded expectations and builds on our recent strong performance,” chairman Sir Henry van der Heyden said. “We have renewed our focus on becoming a southern hub airport for the Pacific Rim, and our focus on growing travel markets has resulted in new routes and additional seat capacity.”

Last week the airport’s shareholders approved a $454 million capital return via a share cancellation. The company undertook the return after several strong years left it with an inefficient mix of debt and equity.

The company’s board didn’t envisage paying an interim dividend while carrying out the capital return at the same time.

The shares last traded at $3.64, and have edged up 3.1 percent this year.

Auckland Airport’s aeronautical unit boosted income 8.8 percent to $120.5 million and earnings before interest, tax, depreciation and amortisation climbed 12 percent to $86.8 million. The retail unit increased revenue 3.9 percent to $90.8 million while EBITDA rose 2.6 percent to $82.8 million. The property business boosted revenue 9.5 percent to $24.3 million and earnings 8.9 percent to $18.3 million.

Van der Heyden said the increased aeronautical income was underpinned by higher international and domestic passenger volumes and growth in car parking revenue, while the property unit delivered a solid gain in rental income.

Auckland Airport increased international passenger movements 4.7 percent to 4.08 million in the half, while domestic passenger movements rose 4.8 percent to 3.52 million. Aircraft movements edged up 0.9 percent to 78,959.

International passenger movements at the Cairns airport fell 6.9 percent to 326,146, though domestic passenger numbers rose 4.7 percent to 2.12 million. Mackay domestic passenger numbers were down 3.8 percent to 582,371. The North Queensland Airports boosted net profit 19 percent to A$11.2 million.

Queenstown Airport boosted international passenger numbers rose 29 percent to 179,153, though domestic numbers were down 4.8 percent to 464,786. The South Island hub lifted net profit 23 percent to $3.8 million.

Auckland Airport’s share of profits from its associates, including the North Queensland Airports, Queenstown Airport and Novotel Hotel, rose 11 percent to $4.9 million.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news