Queenstown Airport Half-Year Profit Up 63%

March 4, 2004

Queenstown Airport Half-Year Profit Up 63% 
Otago Daily Times, New Zealand


Invercargill: Profit at Queenstown Airport increased
63% for the six months to December 31 last year from
the same period in 2002, the airport corporation's
half-yearly financial report says.

Queenstown Airport Corporation chairman John Davies
yesterday presented a positive financial result to the
Queenstown Lakes District Council finance committee
meeting, showing total airport income was up by 16%
from $1.8 million to $2.1 million.

Net profit before tax rose from $353,165 for the
second-half of 2002 to $576,442 for the same six
months last year.

Car parking revenue shot up more than 500%, from
$19,500 to $111,000, partly because of the addition of
150 parks, but still showed strong growth, Mr Davies
said.

Landing fees at the airport had risen 18%, with the
big hike coming from transtasman flights - up more
than 48% from $135,000 to $205,000.

Debt had been reduced about 9% from $10.3 million for
the second-half of 2002 to $9.4 million for the same
six months last year.

Passenger movements at the airport had increased 28%
on 2002 because planes were carrying more people.

Lower air fares and increased seating capacity had
bumped up passenger throughput, the report says.

"While this does meet the Queenstown Airport
Corporation's maxim of fuller but fewer flights, the
passenger increase is unprecedented," Mr Davies said.

Minor changes were being made to the baggage and
customs area to ease major weekend congestion during
winter flights this year, Mr Davies said.

"It's not ideal but with 145 passengers arriving at a
time on the Airbus, it's the best we can do right
now."

The master plan for airport expansion should be ready
within weeks and hopefully be under way in 2005, Mr
Davies said.

It had been a real challenge because the master plan
was being nibbled at by surrounding landowners, he
said.

"But there is real urgency to have the terminal
expanded and operational by next year with the
phenomenal growth in this area."

Cr Rick Petitt said the master plan had been through a
thorough process.

"It really has been exhaustive with all the clashes
from surrounding owners trying to hold up the works
and get building codes changed but it's an age old
problem." 


 Do you have an opinion about this story?
Share it with other readers in our CAA Discussion Forums

http://www.californiaaviation.org/dc/dcboard.php

*****************************************