Queenstown Airport reports strong half-year result

Queenstown Airport reports strong half-year result

- Net Profit after Tax (unaudited) for the 6 months ended 31 December 2015 of $6.2 million - up 31% on the previous corresponding period.

- Total passenger numbers grew 15% to 830,000, with international passengers up 20% to 265,000 and domestic passengers up 13% to 565,000 on the previous corresponding period.

- Interim dividend of $1.0 million paid to the airport’s two shareholders Queenstown Lakes District Council (QLDC) and Auckland International Airport Ltd (AIAL).

Queenstown Airport Corporation (QAC) has today reported a strong half-year result, achieving a Net Profit After Tax of $6.2 million for the first six months of the 2016 financial year.

This result compares with a profit of $4.7 million for the previous corresponding period, an increase of 31 per cent.

Revenue increased by 19 per cent to $15.7 million, driven by new retail offerings as well as increased passenger numbers generating a higher overall spend per passenger.

In line with its dividend policy, QAC has paid an interim dividend of $1.0 million to its shareholders, with 75.01 per cent payable to Queenstown Lakes District Council and 24.99 per cent to Auckland Airport.

Queenstown Airport Corporation Board Chairman John Gilks said the airport’s strong financial performance and passenger growth continued to deliver value for shareholders and the community.

“Sustained domestic and international passenger growth, driven by increased capacity and full aircraft, has helped us set new records in the past six months, including hitting the 1.5 million passenger mark for the first time in a rolling 12-month period,” Mr Gilks said. “We are very grateful for the ongoing support of our partner airlines who continue to deliver the capacity that facilitates this growth.”

The company continued to invest heavily in developing infrastructure, working alongside airline and airport partners to introduce innovations and technology to improve operational efficiency and the overall visitor experience.

Following the opening of its new $17 million international terminal in July 2015, QAC commenced work on an $18 million project designed to improve the airport’s airfield infrastructure and enable it to accommodate after-dark flights for the first time from winter 2016.

Several milestones were also achieved in QAC’s 20-year plan to provide acoustic treatment packages in the homes identified as most affected by aircraft noise, culminating in a number of homeowners in the Inner Noise Sector confirming acceptance of the packages offered. Mitigation works on these homes will proceed this year.

Mr Gilks also paid tribute to QAC’s Chief Executive Scott Paterson who passed away at the end of September, saying that he has been “greatly missed, both personally and professionally”.

QAC’s Chief Financial Officer Mark Edghill has assumed the role of Acting CEO, pending a permanent appointment to this role.

ENDS

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