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

 


Wellington Airport lifts earnings by 44%

Wellington Airport keeps in regulator’s range while lifting earnings 44%

By Suze Metherell

May 21 (BusinessDesk) – Wellington International Airport, which is two thirds owned by Infratil, boosted full-year profit by 44 percent while keeping returns within the range prescribed by regulations.

Net profit for the year ending March 31 was $23.5 million, up from $16.2 million a year earlier, the airport said in a statement. Sales rose 4.4 percent to $110.9 million, while its return on aeronautical assets was 6.2 percent, below the Commerce Commission’s 8 percent limit.

Airports are required to disclose price setting methodology, financial statements and business plans to the regulator, as well as keeping returns under 8 percent to limit excessive profits. The Commerce Commission and Wellington Airport have been at odds about how this return is calculated.

The airport is continuing talks with airlines over changes to its runway and terminal services. Air New Zealand has accused the airport of price gouging, after the national carrier last year flagged a $200 million lift in landing fees over the coming five years.

Earnings from its landing and terminal charges rose 5.3 percent to $65.9 million in the year as it passed the 750,000 international passenger mark for the first time. Domestic passenger growth rose 1 percent in the year, the airport said, without being more specific.

Property rent and lease income gained 4 percent to $11.3 million. Its retail and trading activities unit lifted 2.8 percent to $33.7 million.

Over the next five years the airport is planning to spend $250 million on a terminal expansion, hotel, carpark as well as moving the fire station and a noise mitigation programme for neighbouring residents.

Wellington Airport’s NZX-listed bonds, which pay annual interest of 6.25 percent and mature in May 2021, were unchanged at $101.876 per $100 face amount at a yield of 5.95 percent, according to NZX data. The airport listed the bonds in a $75 million offer last October, after having earlier raised $50 million in bonds from institutional investors in June.

Shares in Infratil were unchanged at $2.40.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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