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

 

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news