Auckland Airport's Retail Investments Paying Off, and Margin Uplift Around the Corner; Raising FVE
Wide-moat Auckland Airport's fiscal 2018 results highlighted the positive impact of the group's ongoing investments. While total passenger growth slowed versus the prior year, as discussed in our note dated July 23, 2018, and lower passenger fees crimped aeronautical revenue growth--both in line with our expectations--retail revenue shot up an impressive 17%, as the airport began to open new commercial space in the international terminal. This timing was slightly earlier than we had expected, an...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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