Christchurch airport posts NZ$19.6m net profit for FY2011/12

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New Zealand's Christchurch International Airport posted a net profit of NZ$19.6 million ($16 million) for the fiscal year ended 30 June.

The airport's operating profit after tax amounted to NZ$15.5 million, 30% more than budgeted expectations. Its operating expenses were higher because of the earthquakes, says the airport operator.

The earthquake-related issues have cost the company approximately NZ$15 million in earnings before interest, tax, depreciation and amortisation (EBITDA) for the fiscal year 2012, it adds.

The airport's passenger throughput over the past two years declined by 7.5% or by 449,000 passengers compared with the fiscal year ended 30 June 2010.