Christchurch Airport releases interim report

Monday, 5 March 2012
Christchurch Airport releases interim report

Christchurch International Airport Limited (CIAL) has released its interim report for the six months to December 31 2011.

CIAL Chief Executive Jim Boult says the period has achieved a favourable outcome, with total revenue for the six months being ahead of the same period a year earlier. At $55.2m, total revenue was a healthy $6.6m (13.5%) ahead of the six months to December 2010.

“The positive result was a result of very strong commercial revenues, offset slightly by reduced aeronautical revenues, owing to a reduction in passenger movements over the same period last year,” he says. “This reflects the continuing impact of the earthquakes on reduced tourism numbers. “

Non-Aeronautical revenue was $7.0m (25.6%) ahead of last year, with increased lease rentals, car parking and concessions revenues being the main drivers for this strong increase. In addition the benefits of acquisitions such as The Wash and the International Antarctic Centre have also had a positive influence on commercial revenues.

Overall, earnings before interest, tax depreciation and amortisation (EBITDA) - the company’s key operational financial performance measure - at $31.5m, was marginally under the $31.8m for the same period last year, primarily owing to increases in operating cost as a result of the earthquakes.

CIAL’s net profit after tax for the six months to December 2011 was $7.99m, but was $5.4m (-40.5%) below that for the same period last year, with increased interest costs and depreciation following the completion of Stage 1 of the Integrated Terminal Development.

“I consider this result to be a positive outcome, considering the reduced tourism passenger numbers and impacts from events such as the earthquakes and the snow storms experienced over the period,” says Mr Boult.

ENDS

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