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