Christchurch airport profit dips despite spin
Christchurch International Airport posts lower result
Christchurch International Airport posts lower result
Christchurch International Airport has posted a reduced bottom line result of $15.7 million compared with last year’s $18.4 million.
In spite of the airport’s spin doctors headlining a rise in profit, a “non cash deferred tax adjustment” pulled the final result down.
Without the final tax adjustment the profit after tax was $18 million.
Total operating revenue grew 10% to $130.7 million taking earnings before interest, tax, depreciation, amortisation and fair-value adjustments 11.7% ahead to $72.5 million.
Passenger numbers grew 3.5% across the year and domestic passenger numbers grew 3.4%, while international numbers grew 3.6%.
This is the first full year that depreciation and financing charges have been applied on completion of the new $200 million terminal.
The combined depreciation and interest costs are $7.5 million higher.
The airport company is proposing a total dividend of $7.6 million, 3.7% ahead of 2013.
The debt to debt plus equity ratio is 29%, slightly lower than last year, “primarily driven by some timing changes to capital expenditure moving into 2015."
But the company also issued a bond issue raising $50 million with an eight-year maturity.
The airport is two-thirds owned by Christchurch City Holdings and one-third by the government