Auckland Airport Conservative on Pace of Travel Recovery, Reports Second Ever Loss
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By Stephen Wright
Auckland International Airport Ltd. said a full recovery in passenger numbers from the Covid-19 pandemic may take longer than the global travel industry expects.
The operator of New Zealand’s main international gateway on Thursday reported a 59% fall in full-year net profit to 191.6 million New Zealand dollars ($120 million). Stripping out changes in the value of its properties, Auckland Airport had a full-year loss of NZ$11.6 million–its second ever loss.
The company said its planning assumptions are more conservative than the International Air Travel Association, which has predicted that travel will recover to pre-pandemic levels in 2024.
“While we are hopeful of a strong recovery over the next 18 months, our outlook remains conservative” Auckland Airport said. The company forecast an underlying net profit of NZ$50 million to NZ$100 million for its current financial year ending in mid-2023.
Write to Stephen Wright at stephen.wright@wsj.com
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