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Another strong year for Christchurch Airport

13-Oct-2005

SYDNEY (Centre for Asia Pacific Aviation) - Christchurch International Airport Ltd (CIAL) reports a 12.6% jump in revenue in the 12 months ended 30-Jun-05.

“Unprecedented” growth in international passenger numbers and the introduction of new services to Los Angeles, Dubai and Rarotonga underpinned the increase in revenue, which resulted in an 11.5% increase in net profit to NZD16.5 million. The airport has pursued a “holiday” destination focus in its marketing strategy and attracted significant amounts of new trans-Tasman capacity.

Like many of its counterparts in Australia/New Zealand, CIAL is investing heavily in new infrastructure to accommodate rising demand. A NZD200 million terminal development, announced in early Sep-05, is scheduled for completion by 2009. 

But the size of the investment was at the “outer bounds” of previous expectations, according to Standard & Poor's (S&P), increasing the company’s leverage considerably and causing the ratings agency to lower its long and short-term corporate credit ratings. The negative outlook also reflects the company's plans to retain a significant amount of the project's financial risk, according to S&P.

CIAL is also on the lookout for a new CEO, following George Bellew’s move last month to head up Oman Airports Management Company.

Meanwhile, CIAL reports the following financial/traffic highlights for the 12 months ended 30-Jun-05:

  • Revenue: NZD71.8 million, +12.6% year-on-year, including;
    • Airport charges: 23.6 million, +13.0%;
    • Passenger departure charge: NZD11.9 million, +25.7%;
    • Lease rentals and concessions: NZD27.6 million, +10.4%;
    • Car parking: NZD5.8 million, +13.8%.
  • Operating costs: NZD47.6 million, +5.6%;
  • Net profit: NZD16.5 million, +11.5%;
  • Passenger numbers: 5.6 million, +8.2%:
    • Domestic: 4.1 million, +3.1%;
    • International: 1.5 million, +25.1%.
  • Aircraft movements: 88,828, -2.2%:
    • Domestic: 76,838, -5.8%;
    • International: 11,990, +29.5%.

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