Airport company lifts revenue and dividend

While there had been an increase year-on-year in passenger movements - up 8% to 2,321,347 - the...
While there had been an increase year-on-year in passenger movements - up 8% to 2,321,347 - the demand for scheduled services to and from the region ''shows signs of moderating'', the report said. Photo: ODT files
Queenstown Airport Corporation increased its revenue to $49.6 million in the last financial year, paying an $8.2 million dividend to its two shareholders - Queenstown Lakes District Council and Auckland International Airport Ltd.

The airport's annual report said the $3.9 million increase came from aeronautical and commercial revenue, and ''effective cost controls''.

The bulk of the revenue increase came from scheduled airlines and general aviation, which totalled $29.088 million, up from $26.608 million.

While there had been an increase year-on-year in passenger movements - up 8% to 2,321,347 - the demand for scheduled services to and from the region ''shows signs of moderating''.

''This is something we are continuing to monitor to ensure our planning and forecasting is adjusted if needed,'' the report said.

Parking revenue increased from $3.14 million to $3.503 million, and parking infringement income was $83,000, up from $76,000 last financial year.

Commercial vehicles access and lease rental revenues also increased. However, ''other'' revenue dropped by $645,000 to $239,000, largely because other revenue for the previous year included a $568,000 contribution from the council for the park-and-ride car park at Frankton.

As at June 30, the airport had started ''inner noise mitigation'' work on 13 properties, three of which were owned by the airport company, costing $1.188 million.

''The cost to complete the six properties that have since accepted is $618,000.''

The company had also progressed mitigation packages offered to 11 properties, none of which were owned by the airport, in the last financial year.

Directors' remuneration for the year was unchanged, at $271,000. The number of employees earning more than $100,000 had almost doubled - from 12 in 2018 to 22 this financial year.

The airport also invested more than $16 million to maintain and enhance terminal infrastructure.

Board chairwoman Prue Flacks and chief executive Colin Keel said in their report the airport company ''welcomes'' the council's recent announcement it would complete independent economic and social impact assessments of the impact of future airport development on the district and its communities, which would help with the airport's long-term planning''.

''We recognise that our long-term planning work cannot be done in isolation and requires close and constructive engagement with a broad range of stakeholders, including the community, business sector, airport communities, staff, shareholders, airline partners, government, and iwi.

''The feedback provided by this diverse stakeholder group will be vital [to ensuring] ... we have a strong mandate to go forward with the future development of Queenstown and Wanaka airports.''

tracey.roxburgh@odt.co.nz

QAC annual report

  • Revenue up 9% to $49.6million
  • Profit for the year up 11%, to $16.6million
  • Annual dividend of $8.2million declared to shareholders — a total of $6.2million is returned to Queenstown Lakes District Council, equating to $237 per rateableproperty

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