Queenstown Airport revenue up 13% in FY2010, expects strong growth to continue

New Zealand's Queenstown Airport released its FY2010 annual report which highlights the following financial/traffic results for the year ended 30-Jun-2010:

• Revenue: USD9.7 million, +13.3%;
  • Aeronautical: USD6.3 million, +18.3%;
• Operating costs: USD7.2 million, +5.9%;
• Profit before tax: USD2.5 million, +41.6%;
• Total assets: USD102.1 million, +172%;
• Total liabilities: USD34.9 million, +43.6%;
• Operating cash flow: USD5.0 million, +34.0%;
• Passenger numbers: 812,000, +18.7%;
• Aircraft movements: 4,373, +5.8%. [more]

*Based on the conversion rate at USD1 = NZD1.31993

Queenstown Airport: "Our forecasts indicate that strong growth will continue, requiring ongoing investment in Queenstown Airport's facilities, particularly during the next four years. To facilitate this growth the Board has focused on expanding our capital base, as we were unanimous in our view that the necessary investment could not prudently be debt funded. The key outcome immediately after balance date was the issuing of 4,013,485 new shares to Auckland International Airport Limited (AIAL), amounting to a 24.99% share in Queenstown Airport Corporation Ltd," Company statement. Source: Queenstown Airport, 18-Oct-2010.