2009 Annual Report and Result

October 09

Queenstown Airport Corporation Limited’s (QAC) annual report was presented today at the Queenstown Lakes District Council’s Finance and Corporate Accountability Committee.

QAC reported an after tax net profit of $1.6 million up from $1.1 million in the previous year. Revenues were reported at $11.3 million up 5.2%. Although passenger numbers overall were down 2%, the increased revenues were driven by a 19% increase in international passengers.

QAC chairman Mark Taylor said QAC achieved a satisfactory financial result despite the overall 2% reduction in passenger numbers. The operating performance (EBITDA) at $7 million was on par with the previous year while net cash flows from operating activities of $4.9 million increased by 20.4%.

“While the year contained uncertainty with the global economic downturn and turbulence within the aviation industry, the upside has been the continuation of growth on trans-Tasman flights and travellers. Queenstown and its surroundings continue to be a star attraction for tourists”, said Steve Sanderson CEO. “Travelling from Australia and being able to walk off an aircraft and know you are immediately at your holiday destination is key to the continual support of direct
trans-Tasman flights”.

Mark Taylor added that the year ahead looks positive with QAC budgeting a 6.8% increase in after tax profit. The increase profit is based on forecast growth in trans-­‐Tasman traffic together with new additional tenancies.

QAC has several stay in business capital expenditure projects including the recently announced $5 million construction of the Runway End Safety Area (RESA). Plans are also underway to overlay the full length of the runway. The check-in area of the Terminal is also currently being expanded to cater for new arrivals Jetstar and Pacific Blue.