Queenstown Airport Announces Half Yearly Results Ending December 31, 2011
Queenstown Airport Corporation (QAC) reported a solid performance for the six months ended 31st December 2011.
Earnings before interest, depreciation and tax (EBITDA) were $6.2 million compared with $5.9 million in the same period last year, an increase of 11%.
Interest and depreciation were higher than in the same period last year with the result that the Net Profit after Tax of $2.8 million was 1% lower than last year.
“The higher cost of interest and depreciation reflects the cost of capital (infrastructure) works completed during the period,” said Mr John Gilks, Chairman, QAC. “As Queenstown Airport continues to grow it is necessary to meet this growth with appropriate infrastructure changes.”
In the period under review capital (infrastructure) projects completed included a 40% expansion to the bag reclaim area, finalisation of the East Runway End Safety Area, installation of runway lights and sealing of the Cross Runway.
“Top line revenue was strong,” Mr Gilks said. “Driven by record passenger numbers and additional flights.”
“While both domestic and international passenger numbers rose the increase in international passengers was particularly strong at 30%.”
Passenger growth is expected to continue. “In January passenger numbers set a new record with 105,000 travellers passing through Queenstown Airport in one month. This is the largest monthly number ever recorded,” Mr Gilks said.
The Company declared a dividend for the half year of $1.0 million, which was paid to shareholders on 31st January.