QAC aftertax profit up 43%
DOUBLE digit passenger growth at Queenstown Airport boosted its net profit after tax by 43% in the second half of last year. The unaudited result of $8.8 million, up from $6.2 million in the corresponding period the previous year, was driven by a 13% increase in passenger numbers to 1,084,495. Queenstown Airport Corporation (QAC) has paid a $1 million interim dividend to shareholders Queenstown Lakes District Council (75%) and Auckland International Airport (25%).
Underlying net profit after tax for the period was also $8.8 million, but up 39% from $6.3 million a year earlier. The underlying figure was calculated after an adjustment for the cost of appealing an adverse tax ruling in 2016 over depreciation claimed for the airport’s runway end safety area.
QAC board chairwoman Prue Flacks said the result was underpinned by sustained passenger growth and increased revenue.
International passenger numbers were up 11% to 333,439 and domestic passenger numbers up 14% to 751,056 during the period.
The airport had invested in airfield and car parking infrastructure, and acquired land for future growth.
‘‘These and other activities enabled us to enhance the overall parktoplane experience and provide more choice for our customers.’’ It continued to work with the council on a longterm lease arrangement for Wanaka Airport, which was ‘‘due to be finalised shortly’’.