Sharechat Logo

FIRST CUT: Auckland Airport earnings at top end of guidance

Thursday 22nd August 2019

Text too small?

Auckland International Airport reported a 4.4 percent lift in its underlying profit after another record year for traveller numbers.

The country’s largest airport reported an underlying profit after tax of $274.7 million for the year to June 30 versus $263.1 million a year earlier. The result was at the top end of its guidance of between $265 million and $275 million. Forsyth Barr had forecast $273.6 million. 

Revenue lifted 8.7 percent to $743.4 million while earnings before interest, tax, depreciation, fair value adjustments and investments in associates, or ebitdafi, was $554.8 million, up 9.6 percent.

Looking ahead, the company said it expects underlying profit after tax - excluding any fair value changes and other one-off items - to again be between $265 million and $275 million.

"This guidance is in line with the guidance for the previous year, reflecting several factors, including moderating passenger growth, the impact of the discounts announced in February this year to our previously published aeronautical prices, modest operating expense growth, along with an increased depreciation expense associated with the step-up in our infrastructure build," chair Patrick Strange said. 

Reported net profit was down 19.5 percent at $523.5 million. Prior year earnings included a $297.4 million gain on the sale of the company's 24.6 percent stake in North Queensland Airports. 

Total passenger numbers increased to 21.1 million and there were 178,771 flights in the year through June. The number of passengers was up 2.8 percent on the year before, while the number of flights was up 2.6 percent.

The company will pay a final dividend of 11.25 cents per share, up 2.3 percent from a year ago. It will be paid Oct. 18 to shareholders on the register at the close of business on Oct. 4.

The shares last traded at $9.80 and are up 36.5 percent so far this year. 

(BusinessDesk)

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.



  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:

Finzsoft blocked from quitting credit unions contract over Christmas
China Unveils Plan to Reduce Single-Use Plastic by 2025
20th January 2020 Morning Report
Rio Tinto reiterates Tiwai position as aluminium prices stay weak
TIL downgrades earnings by up to 40%, suspends first-half dividend
Govt accounts unexpectedly in the black as lumpiness continues
17th January 2020 Morning Report
Gentrack loses investor support with vague downgrade
Margin pressure continues at Michael Hill although sales rise
House prices hit fresh records as sales stepped up in December

IRG See IRG research reports