Strong half-year result
20 Feb 2018
- Net Profit after Tax (unaudited) for the 6 months ended 31 December 2017 of $8.8 million - up by $2.6million (43%) compared to the same period last year.
- Total passenger numbers grew 13% to 1,084,495, with international passenger numbers up 11% to 333,439 and domestic passenger numbers up 14% to 751,056 on the same period last year.
Queenstown Airport Corporation (QAC) has continued its upward growth trajectory, reporting a strong half-year result with a Net Profit After Tax of $8.8 million* for the first six months of the 2018 financial year.
QAC Board Chair Prue Flacks said QAC’s financial performance was underpinned by sustained passenger growth and increased revenue compared to the corresponding 6-month period last year.
“Key priorities during the period were a continued focus on safety, investing in airfield and car parking infrastructure and acquiring land for future growth. These and other activities enabled us to enhance the overall park-to-plane experience and provide more choice for our customers,” said Ms Flacks.
“We have made significant investment in technology to improve the customer journey, upgraded car parking offerings at the terminal, launched an off-site park and ride facility and expanded our retail offering to include seasonal “pop-up” stores. Based on feedback, these improvements have been well received and provided a more enjoyable, memorable experience for both our customers and the airport community.”
The completion of a $4.6 million ground transport infrastructure project ahead of the busy winter season paved the way for the public drop-off zone to be reinstated as well as a variety of other safety and traffic flow improvements, including a dedicated coach park and a new roundabout inside the airport entrance.
QAC also remained focused on the future development of both Queenstown and Wanaka Airports to best connect the region to the rest of New Zealand and beyond. The company continued to work with Queenstown Lakes District Council on a long-term lease arrangement for Wanaka Airport, which is due to be finalised shortly.
The launch of the master plan options for Queenstown Airport and a comprehensive community engagement programme saw the team sharing information and receiving feedback at a national, regional and local level.
In late 2017, Queenstown Airport reached another milestone, marking two million passenger movements over a 12-month period for the first time in its history.
Ms Flacks said that the milestone was a significant achievement both for the airport community and the wider community which reflects their continued hard work and support.
“Our communities’ innovation and hard work, combined with our beautiful natural environment, has created a region renowned for its world-class experiences which has been supported by airlines increasing air capacity and connectivity. In turn, this growth has brought social and economic opportunities and benefits to the regional community with more jobs and more flexible, affordable travel,” she said.
“We are mindful of the important role that QAC plays in supporting sustainable long-term growth to our region and will continue to work with the communities we serve and key stakeholders to help address issues related to transport, tourism and infrastructure,” added Ms Flacks.
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 International Airport.
*Reported Net Profit After Tax was $8.8 million, up by $2.6million or 43% compared to the same period last year. Underlying Net Profit After Tax for the six months was also $8.8 million, up 39% compared to $6.3 million for the same period last year. Consistent with the Annual Report at 30 June 2017, underlying Net Profit After Tax was arrived at by adjusting for additional costs to appeal the adverse tax ruling related to depreciation claimed on the Runway End Safety Area.