Auckland airport profit up 14%

This story is sourced from Pro
See more Pro news »

Auckland Internaitonal airport has recorded an 13.9% increase in underlying profit after tax to NZ$86.7 million ($71.5 million) for the six months to 31 December 2013, driven by strong aeronautical revenue.

Over the half-year, the company recorded a 6.7% increase in revenue to NZ$238.5 million, as passenger movements through the airport increased by 4.8% to 7.6 million.

Expenses increased by 6% to NZ$60.6 million, while earnings before interest, taxation, depreciation and other adjustments rose 6.9% to NZ$177.9 million.

The airport also noted that its share of profit from its associates, which include North Queensland Airports, Queenstown airport and the Novotel hotel, increased by 11.5% to NZ$4.9 milion.

The airport’s cash carried forward position at the end of the period stood at NZ$35.8 million.

Chairman of Auckland airport Sir Henry van der Heyden says that the result has exceeded its expectations and builds on its recent strong performance, driven by a 9.3% increase in airfield income.

“We have renewed our focus on becoming a southern hub airport for the Pacific Rim, and our focus on growing travel markets has resulted in new routes and additional seat capacity,” he adds.

Auckland airport also lifted its net profit guidance for the full-year to between NZ$166 million and NZ$172 million. At the start of the financial year it had forecast a full-year profit of between NZ$160 million and NZ$170 million.