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Wellington International Airport turns to a profit in first half, increases payment to shareholders

Wellington International Airport [NZDX: WIA010], which is co-owned by infrastructure investor Infratil and Wellington City Council, turned to a profit in the first half and increased its payment to its shareholders.

The airport hub for the Wellington region posted a profit of $1.9 million in the six months to Sept. 30, from a loss of $5.6 million the year earlier, it said in a statement.

Wellington City Council, which owns 34 percent of the airport company, received a dividend payment of $10.8 million, up from $8.8 million in the year earlier period. Infratil, which owns the remaining 66 percent of the company, was paid $35.3 million, up from $30 million last year.

Wellington Airport revenue rose 6.9 percent to $55 million in the first half. Landing and terminal charges, which make up 60 percent of total sales, increased 7.9 percent, while revenue from retail and trading rose 6.4 percent, and property rent and lease income increased 3.2 percent.

Since May last year the company has earmarked a group of houses bordering the airport for removal because of concerns about aircraft noise. It wrote down the value of those properties by $656,000 in the latest period, compared with a write down of $3.3 million in the year earlier period.

(BusinessDesk)

Comments and questions
1

Wellington City Councils 34%.share of profits is $10 million, which suggests a total profit in the regions of $30-31 million. How does Infratil end up with $35.3 million for its 66% share then. Can anyone tell me?