Auckland Airport’s Passenger Growth Set to Slow, but Profitability Expansion Should Take Hold
Wide-moat Auckland Airport finished fiscal 2017 largely as we had expected, with double-digit passenger growth driving nearly 10% revenue gains alongside operating margin expansion. The firm’s net profit after tax, or NPAT, came in at NZD 248 million, a bit ahead of our NZD 242 projection due to solid results at minority-owned airports. But we expect results to decelerate in fiscal 2018. While we anticipate the airport’s retail revenue growth will recover, we forecast passenger growth slowing to...Auckland International Airport provides airport facilities and supporting infrastructure in Auckland, New Zealand. Co. and its subsidiaries have three reportable segments: Aeronautical, which provides services that facilitate the movement of aircraft, passengers and cargo, and provides utility services that support the airport; Retail, which provides services to the retailers within the terminals and provides car parking facilities for airport staff, visitors and passengers; and Property, which is engaged in the rental of space on airport land outside the terminals including cargo buildings, hangars and stand-alone investment properties.
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