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Queenstown Airport CEO points to benefits of Auckland Airport deal

17-Jan-2011 12:26 PM

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.