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Christchurch Airport profit down, EBITDA up in FY2012/13

6-Sep-2013 9:38 AM

New Zealand's Christchurch International Airport reported (06-Sep-2013) net profit after tax declined 6.1% year-on-year to NZD18.4 million (USD14.5 million) and EBITDA increased 1.6% to NZD64.9 million (USD51.3 million) for the year ended 30-Jun-2013. Christchurch Airport CEO Jim Boult described the result as "satisfactory" given reduced passenger numbers since Feb-2011 due to earthquakes. Mr Boult said, "While passenger numbers continue to impact the result, the company’s commercial and property divisions have again performed strongly...Recent trends are showing some recovery of passenger traffic, especially domestic, and we see that as a positive sign for the future. Full recovery is not expected until the city’s major facilities are rebuilt, in particular the convention centre and associated hotels." The airport's core operating costs continued to grow with its increased terminal footprint and investment in infrastructure. The company expects future results to remain "constrained" until passenger numbers recover, partially offset by improving commercial revenues. The airport expects higher depreciation and interests costs to continue into FY2014. [more - original PR]