New Zealand's largest airport Auckland International Airport has recorded a net profit above analysts' expectations and its own original guidance.
The listed company reported profit after tax, excluding one off items and fair value changes, of $105.5 mil
New Zealand’s largest airport Auckland International Airport has recorded a net profit above analysts' expectations and its own original guidance.
The listed company reported profit after tax, excluding one off items and fair value changes, of $105.5 million for the year to June 30.
Its revenue was down 1.4% to $363.1 million, and its capital expenditure dropped by a substantial 38% to $54.3 million.
Operating cash flow was up 3.6% on the previous year to $176.3 million and operating expenses dropped 2.3% to $86.8 million.
“With our strategic plan execution well underway, our underlying profit - while still relatively flat – is ahead of where we expected it to be, and with the business fundamentally restructured, Auckland Airport is well positioned to benefit in 2011 and beyond from the operating leverage we have been able to set up,” Auckland International Airport chief executive Simon Moutter said.
At press time its shares were trading at $1.97 each.
An in-depth analysis of the results will be published here later today.
