Auckland International Airport reported another solid
result for the six months ending December, increasing its
dividend 10% to 4.4c a share on the back of improved operating
The operating profit for the period was up 6.9% to $161.4
million compared with $151 million in the previous
corresponding period (pcp).
The reported profit was up 5.5% to $69.1 million and earnings
per share were up 4% to 5.2c.
Break-out figures for the Queenstown airport showed
international passenger movements were up 30.1% in the
period, domestic passenger movements were up 3.9%, revenue
was up nearly 10% to $8.5 million and operating earnings were
up nearly 5% to $6.15 million.
Queenstown Airport chairman John Gilks said the profit after
tax of $2.8 million was lower than last year's $2.97 million.
"The higher cost of interest and depreciation reflects the
cost of capital - infrastructure - works completed during the
period. As Queenstown Airport continues to grow it is
necessary to meet this growth with appropriate infrastructure
AIA managing director Simon Moutter said there was an
increase in costs at Queenstown arising from higher
aeronautical costs from longer terminal opening hours,
increased marketing support to airlines and snow-clearing
expenses following two winter 2011 storms.
Speaking about the overall result, Mr Moutter said the Rugby
World Cup was a major operational success at Auckland
"Alongside all our airport partners, we delivered a
successful, safe and smooth airport experience for many
thousands of travellers, fans, players and officials.
"Financially, we believe the tournament delivered an
additional non-seasonal peak to the business in terms of
passenger volumes and retail spend, which we estimate to have
delivered a modest one-off boost to the bottom-line."
Looking ahead, Mr Moutter said the second half of the
financial year had started well, particularly in terms of
passenger volumes. January was notable for featuring the
busiest week for international arrivals and departures ever
recorded at Auckland airport.
The company was on track to meet the higher end of its profit
forecast for the full year, of being in the $130 millions, he
Forsyth Barr broker Peter Young said the profit was within
his forecasts and no change was expected to the Forsyth Barr
valuation of $2.63 a share.