Christchurch Airport’s half-yearly financials deliver for city
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Christchurch Airport today released its half-year financial results which deliver a higher interim dividend to the New Zealand city than forecast, from a total operating revenue of NZ$115.5 million for the six months to December 31, 2023.
Chair of Christchurch International Airport Limited (CIAL), Sarah Ottrey, says strong visitor numbers, coupled with the strength of the airport’s commercial tenant portfolio, meant that it would be able to give the city an interim dividend of NZ$19 million.
She believes the results show that Christchurch Airport continues to deliver for the city in these “challenging economic times” through growing dividend returns and the doubling of its value over the past 10 years.
“The return of the airport’s international airlines plus the addition of United Airlines brought hundreds of thousands of visitors, and resulting economic benefit, to the city over summer,” notes Ottrey.
“Our airline partners have shown great confidence in Christchurch, as does United Airlines starting the first direct service between our city and San Francisco. The airline services are a direct result of passengers wanting to come here and it is clear Christchurch as a city is more attractive than ever to visitors.”
CIAL chief executive, Justin Watson, says: “Changes made to the business over the past eight years, including investing in commercial property to diversify revenue streams and rebuilding international connections, meant the airport was well positioned going into the COVID pandemic.
“This enabled us to restart quickly and capitalise on opportunities such as the appeal of Christchurch as a visitor destination”.
A total of 3.14 million passengers passed through the airport in the first six months of FY24 – up 11.5% on the same period last year (91.6% of FY19 levels).
Domestic passenger numbers were at 97% of FY19 levels and international at 76%. International routes and connections now exceed those serviced pre-pandemic, with China Southern Airlines and Cathay Pacific restarting services, and United Airlines beginning new direct services from San Francisco.
The airport’s new approach to minimising waste, and assisting other airports with their sustainability measures, was recognised during the period, when ACI Asia-Pacific & Middle East awarded it the ‘Green Airports Recognition 2023’ and the ‘Airport Carbon Accreditation – Mentor’.
CIAL’s continuing focus on decarbonising its own operations has seen the airport become one of only ten global airports to achieve Airport Carbon Accreditation Level 5. This achievement was announced at the UNFCCC COP28 conference in Dubai in December, when the ACA Level 5 programme was launched.