Infratil flies higher

By Nick Stride

Friday 6th August 2004

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.

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