Queenstown Airport Corporation has declared a shareholder dividend of $1.3 million — the first since pre-Covid times.
The airport board’s results for the financial year ended June 30 show its total revenue was $26.8 million, down 3% compared with last year, but still down 43% from 2020.
Earnings before interest, tax, depreciation and amortisation were $14 million, while after-tax profit was $1.08 million.
The Queenstown Lakes District Council is a 75.01% shareholder. Auckland Airport owns the remaining 24.99%.
Queenstown Airport Corporation (QAC) chairwoman Adrienne Young-Cooper said the airport was "cautiously confident" it had now entered a "sustained recovery period", and it was pleased to declare a dividend after two years without one.
For 330 days — the majority of the reporting period — there had been no scheduled international flights to or from Queenstown, and no flights between Auckland and Queenstown, the busiest domestic route, for 178 days.
Regional and national lockdowns, as well as border restrictions, had also significantly reduced scheduled domestic services at the airport.
Combined, that had a "significant impact" on airport operations and aeronautical and commercial revenue, Ms Young-Cooper said.
"[The past financial year] was, in fact, the most challenging year of the pandemic from an operating cash-flow perspective, but the steps taken in years one and two of the pandemic put QAC in a sound position for the recovery now under way."
Chief executive Glen Sowry said the pace and timing of that recovery was dependent on a range of factors, including New Zealanders continuing to travel domestically, transtasman flight schedules and the global aviation and tourism recovery.
He said there were 1.59 million passenger arrivals and departures at Queenstown scheduled through the coming year, and forecasts indicated aircraft and passenger numbers would likely be on par with pre-Covid levels by the 2025 financial year.
Over the next year, the airport would also advance preparation and consultation on the airport’s 10-year master plan.
Ms Young-Cooper said QAC had "reflected on the company’s essential role in contributing to Aotearoa New Zealand’s air transport services, and the wellbeing of local and regional communities, now and into the future".
"Through community and stakeholder engagement, we will have the opportunity to better understand the regional communities’ vision for the airport and its related assets."
The airport had set ambitious targets to reduce its operational emissions by 60% from its 2019 baseline reporting year by 2030, and be net-zero by 2040.
Mr Sowry said it had already seen a 39% decrease in operational emissions compared with last year — lower activity had contributed to that, along with initiatives such as on-site composting, certified renewable energy and cessation of a diesel generator for supplementary power during peak supply.
