Auckland expects full year 2010 net profit after tax in the range of NZD100 million-USD105 million


Shares in New Zealand's Auckland International Airport gained 0.5% yesterday, ahead of the operator’s financial report for the six months ended 31-Dec-2009. The company’s operating EBITDA remained stable (+0.1%) at USD96.4 million, on a 0.6% year-on-year reduction in revenue to USD127.0 million and a 2.7% year-on-year decrease in operating costs to USD30.6 million.

During the first half, airfield and retail revenues were down 10.0% and 3.2%, respectively, while revenue from passenger service charges, car parking and rentals climbed 11.9%, 5.9% and 1.1%, respectively. Passenger numbers in the period were up 2.3% year-on-year to 6.8 million, even as aircraft movements fell 2.9% year-on-year.

See related report: Worldwide airports data: Monthly aircraft movements now tracked by CAPA

Auckland Airport’s profit after tax increased by 4.7% in the six months ended 31-Dec-2009 to USD37.5 million (excluding prior period investment property fair value decreases). The airport operator now expects to report a net profit after tax (excluding any fair value changes and other one-off items) to be in the range of NZD100 million to USD105 million, and capital expenditure to remain in the range of NZD60 million to USD65 million for the full 2010 financial year, ending 30-Jun-2010.

Shares in Auckland International Airport have remained flat in early trade on the NZSX today.

Meanwhile, Auckland Airport announced plans to develop and own a 125-room Formule 1 Hotel, continuing its diversification into the accommodation sector. The hotel, which would be operated by Accor Hospitality, is scheduled for completion ahead of the Rugby World Cup in 2011.

Australian Infrastructure Fund sees significant growth potential from LCC traffic in Asia Pac

Also in the South Pacific region, shares in Australian Infrastructure Fund (AIX) lost 2.2% yesterday, upon the release of the group’s financial and traffic highlights for 1HFY2010. The group’s investments include Perth Airport, Australia Pacific Airports, Queensland Airports, Northern Territory Airports and HOCHTIEF AirPort (Sydney and others). Overall revenue dipped 0.5% year-on-year to USD126.9 million, while costs were cut by 36.2% year-on-year to USD6.6 million. AIX generated a net profit of USD115.9 million, (+13.6% year-on-year) in the six months ended 31-Dec-2009.

Shares in AIX moved 1.2% upward in early trade on the ASX today. The AIX Australian airports continue to benefit from the penetration of low cost carriers, which have significant growth potential in the Asia Pacific region, according to the company.

The full report on AIX is contained in today’s edition of Airport Business Daily – your daily airport strategic news update service, available exclusively from CAPA.

Abertis’ airports revenue down 7.4% in full year 2009

In Europe, Spain’s Abertis dipped 1.5% yesterday, upon the release of the company’s financial results for the 12 months ended 31-Dec-2009. Abertis reported a 7.9% year-on-year increase in EBITDA to EUR2,435 million, with airport EBITDA of EUR97 million. Airports comprised EUR278 million (-7.4% year-on-year) of EUR3,935 million in total revenue, which jumped 6.9% year-on-year. Abertis reported a net profit of EUR635 million (+5.6% year-on-year).

Selected airports daily share price movements (% change): 25-Feb-2010

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