Christchurch Airport records half-year profit

Media release for immediate use

Christchurch Airport records half-year profit

Christchurch International Airport Limited (CIAL) has recorded a net profit after tax of $7.4m for the six months ended 31 December 2012.

CIAL Chief Executive Jim Boult says though the net profit after tax is 7.5 per cent down on the previous half year, earnings before interest costs, tax depreciation and amortisation (“EBITDA”) – the company’s key operational financial performance measure - at $33.1m, was 5.2% ahead of the same period last year.

Total revenue for the six months to December 2012, at $59.6m, was 7.9% ahead of the same period a year earlier. This was a result of increased property and commercial revenues, with aeronautical revenue showing minimal growth (0.7%) as compared to the same period last year, as a result of lower passenger numbers.

“The six months to December 2012 saw fewer passenger movements over the same period last year,” Mr Boult says. “The loss of a significant portion of Christchurch’s hotel accommodation, the Convention Centre and many sporting facilities continues to have a significant effect on passenger throughput, particularly for conference activity and for larger tour groups.”

Total passenger numbers for the period reflect a 2.3% drop on the same period last year. International passenger movements were 7.9% behind the same period last year, whilst domestic passenger movements were only 0.4% behind last year.

Non-Aeronautical revenue of $38.8m was $4.2m (12.2%) ahead of last year. This includes a full six months trading for the International Antarctic Centre, as compared to only one month for the comparative period.

The other main driver for the increase in non-aeronautical revenue was increased property rental income arising from new developments in Dakota Park and other additions to the overall lease portfolio (e.g. McDonalds).

ENDS

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