Q’town Airport revenue, profit up 10%

A Qantas flight arrives from Australia into Queenstown last year. PHOTO: TRACEY ROXBURGH
A Qantas flight arrives from Australia into Queenstown last year. PHOTO: TRACEY ROXBURGH
Queenstown Lakes District Council coffers will be boosted by just under $4 million through Queenstown Airport’s interim dividend.

The airport yesterday morning announced its total interim dividend was $5.3m for the six months to December 31, 2023.

The unaudited report showed revenue of $33m, earnings before interest, tax, depreciation and amortisation of $24.1m, and net profit after tax of $12.7m.

Revenue and profit for the first half of the financial year were up 10%, compared with the same period the previous year.

Board chairwoman Adrienne Young-Cooper said the airport had started the financial year well — sustained demand for travel to and from Queenstown, particularly on transtasman routes, resulted in a strong financial performance.

She noted domestic capacity was constrained during the reporting period, after Pratt & Whitney engine issues necessitated changes to Air New Zealand flight schedules.

However, that was balanced by growth in international passenger numbers.

Passenger movements — both arrivals and departures — for the period totalled 1,264,306 — up 3.3% on the first half of the financial year and very similar to pre-Covid numbers.

"We expect passenger numbers to remain strong over the next six months, producing steady revenue and delivering a solid full-year result."

Chief executive Glen Sowry said good progress had been made on other "key areas of focus", such as long-term planning, a terminal upgrade programme and projects to improve resilience, operational efficiency and customer experience.

A significant milestone during the reporting period was the completion of the airport’s master plan, to guide its development over the coming decades.

The focus for the rest of the financial year would be detailed planning for a capital works programme, he said.