Sharechat Logo

Infratil flies higher

By Nick Stride

Friday 6th August 2004

Text too small?
A tailwind from TrustPower and Wellington Airport blew Infratil's first- quarter result higher but earnings at Glasgow Prestwick Airport disappeared.

A bottom line gain of $12.3 million, up from $4.4 million a year ago, was boosted by a $9.8 million profit on the sale of Port of Tauranga shares.

At Glasgow, Phil Walker, the head of Infratil manager Morrison & Co's airports team, has taken over as executive chairman and the board has been changed to reflect Infratil's 100% ownership. He will cut costs, address the loss of freight business and invest in services and concessions to capture the benefits of strong passenger number growth.

The annual report said it wasn't easy to understand why freight volumes had fallen as the airport dealt with airlines, not logistics companies or freight end users. However, Glasgow Prestwick was still the major freight airport in Scotland.

Chairman Kevin O'Connor bowed out at this week's meeting, 10 years after Infratil was launched.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

July 8th Morning Report
Half-way predictions scorecard
SKT - Sky appoints new Chief Financial Officer
July 7th Morning Report
CDC Independent Valuation - 30 June 2025
TruScreen Group Limited SPP Update
THL provides updated guidance
CEN - Greymouth gas deal
July 4th Morning Report
July 3rd Morning Report