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Auckland Airport Forecasts 12% Annual Earnings Gain

Aug. 26 (Bloomberg) -- Auckland International Airport Ltd., New Zealand’s largest, said underlying profit may increase as much as 12 percent this year as international travel recovers.

Profit excluding one-time items and changes to the value of derivatives may be NZ$112 million ($79 million) to NZ$118 million in the year ending June 30, 2011, the company said today. Underlying profit is expected to rise from NZ$105.1 million in the year ended June 30.

Auckland, which handles about 70 percent of foreign visitors to New Zealand, assumes international passenger growth of 5 percent this year. The company has upgraded its duty free and other retail areas in its terminal, and is developing properties on land adjacent to the terminal to bolster income.

“The aviation sector is in a healthier position today than it was 12 months ago, with improvement in the global economic environment and a consequent increase in demand for travel,” Chairman Tony Frankham said in a statement.

Auckland today said underlying profit fell 0.8 percent in the year ended June 30 as sales dropped 1.4 percent.

Net income fell 29 percent to NZ$29.7 million after including a one-time adjustment to deferred tax liabilities after building depreciation rule changes announced in the government’s May budget.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

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