Christchurch airport's interim net profit falls 40.5%

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New Zealand's Christchurch International Airport has posted a 40.5% year-on-year decline in its net profit after tax to New Zealand dollars (NZ$) 7.99 million ($6.62 million) for the six months ended December 2011, according to an interim report.

The airport's net profit fell as a result of increased interest costs and depreciation following the completion of Stage 1 of its Integrated Terminal Development.

Its revenue rose by 13.5% to NZ$55.2 million, while EBITDA fell to NZ$31.5 million from NZ$31.8 million in the same period last year primarily because of an increase in operating costs as a result of the earthquakes.

"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. This reflects the continuing impact of the earthquakes on reduced tourism numbers," said Jim Boult, chief executive of Christchurch airport.

"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," added Boult.