17-Jan-2011 12:26 PM

Queenstown Airport CEO points to benefits of Auckland Airport deal

New Zealand's Queenstown Airport Corp chairman Steve Sanderson stated the capital injection of approximately USD21.5 million (NZD28million) gained from Auckland Airport's 24.9% buy-in to Queenstown airport saved USD1.9 million (NZD2.5million) in annual interest payments, which paved the way for expansion (The Southland Times, 15-Jan-2011). Mr Sanderson added that without the cash injection, the corporation's debt would have reached USD38.4 million (NZD50million), which would have incurred interest repayments of around USD6.9 million (NZD9million) p/a. The corporation plans to spend up to USD30.7 million (NZD40million) over the next three years.

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