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

 

NZ's Space Programme: Rocket Lab Makes It To Space (But Not Orbit)

Electron lifted-off at 16:20 NZST from Rocket Lab Launch Complex 1 on the Mahia Peninsula in New Zealand. It was the first orbital-class rocket launched from from a private launch site in the world. More>>

ALSO:

Earlier:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: