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


Auckland Airport underlying profit rises 15%, led by retail

Auckland Airport underlying profit rises 15%, led by income from retailing

Aug. 23 (BusinessDesk) – Auckland International Airport Ltd. posted a 15% gain in underlying profit, driven by a jump in earnings from retailing from its new departures area and increased airfield income.

Profit excluding revaluations and other one-time items rose to $120.9 million, or 9.18 cents a share, from $105 million, or 8.35 cents, a year earlier, the company said in a statement today. Sales rose 9.6% to $397.7 million. Underlying profit matched the forecast of Forsyth Barr analyst Jeremy Simpson.

Earnings are set to rise again this year, with profit forecast to “be in the $130 millions,” according to chairwoman Joan Withers. The company counts retailers in the terminals as its biggest source of income and is also growing returns from car parking and property rentals. The airport has stepped outside its home market in recent years, investing in airports in Queensland and Queenstown.

The company will pay a final dividend of 4.7 cents a share, making 8.7 cents for the year, up from 8.2 cents in 2010. The shares rose 0.7% to $2.23 and have gained 0.5% this year. They are rated a ‘hold’ based on the consensus of seven recommendations compiled by Reuters.

Reported profit, the measure that companies used to regard as their bottom line before a recent blossoming of variations that exclude some items, was $100.8 million, up from $29.7 million a year earlier.

Retail income rose 16% to $111 million to account for 28% of total revenue. Passenger services charges generated $78.8 million, up 7.5% from a year earlier and the second-largest source of revenue.

Airfield income climbed 8.7% to $72.5 million and terminal services charges gained 1.8% to $28 million. Rental income climbed 2.9% to $49.9 million and car parking generated $33million, up 6.5%.

Expenses climbed 15% to $99.5 million, with marketing and promotion costs surging to $11.8 million from $4.5 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>

Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>