"Airports top Infratil agenda"

Wednesday, March 24, 2004

Airports top Infratil agenda 
By CHRIS DANIELS 
The New Zealand Herald


Airports and how to make money out of them is top of the agenda for
Infratil shareholders today, as they meet to vote on a plan to take up
100 per cent ownership of Glasgow Prestwick airport. 

They will no doubt be pleased with the latest passenger figures from the
company's two-thirds owned Wellington Airport. 

The long-term trend of declining international passenger numbers ended
in November last year and was helped by the first month of Air NZ's
Tasman Express service. December passenger numbers increased by 9 per
cent compared with the same month the previous year. 

Domestic passenger numbers had record growth last year of 11.4 per cent
because of the success of Air NZ's Express Class. 

The plan to buy the last 33 per cent of Prestwick airport hit a snag
last week, when the company made a surprise profit downgrade, saying
that increased passenger numbers was not translating into better
earnings. 

Utilico Investment Trust, one of Infratil's big shareholders, is selling
the Prestwick shares, making it a "related party transaction" that
requires shareholder approval. 

Following the Prestwick earnings downgrade Infratil's independent
directors negotiated a cheaper price to be offered for the Utilico
shares. 

Prestwick makes up about 20 per cent of Infratil's investment portfolio.

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