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

 


Auckland Airport’s interim result reflects plan in action

Auckland Airport’s interim result reflects plan in action – underlying profit up 13.9% to $86.7 million


Auckland Airport has today announced its interim results for the six months to 31 December 2013.

Total profit after tax was up 11.7% to $85.9 million, while underlying profit after tax increased by 13.9% to $86.7 million.

Revenue increased by 6.7% to $238.5 million and expenses increased by 6% to $60.6 million. Earnings before interest expense, taxation, depreciation, fair value adjustments and investments in associates (EBITDAFI) increased by 6.9% to $177.9 million. Passenger movements were up 4.8% to 7.6 million for the six-month period. Total share of profit from associates – North Queensland Airports, Queenstown Airport and the Novotel hotel – totalled $4.9 million, an increase of 11.5% on the corresponding period.

Sir Henry van der Heyden, Auckland Airport’s chair, says, “The company is pleased to record an interim result which has exceeded expectations and builds on our recent strong performance. We have delivered solid financial returns for investors in the first six months of this financial year and the implementation of our strategic business plan Faster, Higher, Stronger, is progressing well.”

“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. Our commitment to invest for future growth has been underpinned by ongoing work to complete the draft 30-year vision for the ‘airport of the future’. Likewise, the Board’s decision to seek High Court and shareholder approval to return $454 million of capital to shareholders is targeted at ensuring that we remain fast, efficient and effective. Finally, we have successfully transitioned to a new chair of the board of directors following the 2013 Annual Meeting and completed the chief executive’s restructure of the leadership team.”

Sir Henry says the key revenue highlight is strong underlying aeronautical income, driven by higher international and domestic passenger volumes and also underpinning positive growth in car parking revenue. Our ongoing investment in our property transformation programme has delivered a solid increase in property rental income. The increase in expenses remains lower than revenue growth, resulting in the EBITDAFI increase. Interest costs were lower in the first six months of this financial year. With the improvement in profit levels the company has continued to strengthen its ability to fund the business, reinforcing our capacity to return capital to shareholders.

“At the beginning of the 2014 financial year, we outlined our expectation that the net profit after tax (excluding any fair value changes and other one-off items) would be between $160 million and $170 million. Auckland Airport is lifting its guidance for the full year to be between $166 million to $172 million.”

“This guidance is subject to any material adverse events, significant one-off expenses, non-cash fair value changes to property and deterioration due to global market conditions or other unforeseeable circumstances,” says Sir Henry.

Ends


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news