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

 


Auckland Airport may value land as high as $2.7 billion

Auckland Airport may value land as high as $2.7 billion, up $745 million from 2011

By Suze Metherell

July 30 (BusinessDesk) - Auckland International Airport, the nation's busiest gateway, says a revaluation of its property will lift the value of the assets by as much as $745 million.

The land portion of the company's property, plant and equipment will be revalued as at June 30 by between $725 million and $745 million, lifting the value to between $2.637 billion and $2.657 billion, the company said in a statement. Less than $5 million of the increase would be recognised in the company's income statement due on Aug. 26, it said.

"The revaluation is for accounting purposes only," said chief financial officer Simon Robertson. "It is not for regulatory purposes and therefore it has no impact on regulatory information disclosure or aeronautical pricing."

According to its 2013 annual report, land was valued at $1.912 billion, and was last revalued in June 2011. The company is increasing the amount of revenue it gets outside of airfield and passenger service charges. In the first half of the year, income from retailing made up 27 percent of revenue, while rental income amounted to about 12 percent.

Shares of the airport fell 1 percent to $3.79 and have advance 7.2 percent this year. The stocks is rated an average of 'hold' according to ten analysts surveyed by Reuters, with a median price target of $3.86.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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