Investments pay off
An extra $30 million is being added to Auckland Council’s coffers thanks to a great end of year return on its investments.
Auckland Council Investments Ltd (ACIL) owns around $1.5 billion of assets including the Ports of Auckland and Auckland Film Studios Ltd.
It also has a 22.4 per cent holding in Auckland International Airport.
For the year ending June 30 it made an aftertax profit of $30.6 million which has allowed it to return $30m to the council.
This was $3.2m higher than expected.
‘‘This is a great result for Auckland Council and for ratepayers and we look forward to producing still higher returns in future years,” ACIL chief executive Gary Swift says.
‘‘Our contributions help to make Auckland prosperous, well connected, accessible and full of opportunity,’’ he says.