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

 

WRAL ends year in strong position

NEWS RELEASE

October 5, 2017
WRAL ends year in strong position

Waikato Regional Airport Ltd Group (WRAL) has ended its financial year with all key indicators tracking positively.

Group operating revenue, earnings before tax and operating profit are all up on the previous year. The value of the Group's land holdings and investment property has risen significantly and passenger numbers and aircraft movements at Hamilton airport have increased.

WRAL chair John Spencer said the annual report released today illustrates a solid financial performance from the Group which includes wholly-owned subsidiaries Hamilton & Waikato Tourism Ltd (HWT) and Titanium Park Limited (TPL).

Excluding investment property land valuation increases, earnings before tax and depreciation are $3.4m, up $200,000. Operating profit before tax is $0.8m, up $300,000 from last year. This performance has enabled WRAL to declare a dividend to shareholders of $200,000.

There has been a significant value increase in WRAL's investment property portfolio. A comprehensive revaluation of the Group's landholdings saw the portfolio increase to $57.6m, resulting in a $19m uplift. This, combined with land sales pushed the Group's operating surplus before tax to $4.1m.

During the year, WRAL purchased an adjoining 98-hectare farm to the north west of the airport. As part of the transaction TPL sold 6.7 hectares of land on the western side, discharging future commitments to western precinct infrastructure costs enabling substantial development of that precinct. A 10-year property development strategy was enacted by the TPL Board during the year, aiming to generate $1m in annual earnings before tax.

"The significant increase in property value across the Group has been in part due to the strength of the regional economy combined with a strong level of land activity in the area surrounding the airport," Spencer said.

WRAL continued to focus on customer experience at Hamilton airport introducing a new café, establishing conference facilities and enhancing the terminal. Passenger numbers continue to increase and were up by 14,000 across the year. Aircraft movements increased by 8,000, up to 124,000.

WRAL is a council-controlled organisation owned by Hamilton City, Otorohanga, Waipa, Waikato and Matamata-Piako District Councils. Shareholders' equity at year end was valued at $82m, up $17.6m on the previous year largely as a result of land valuations.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: