The country‘s biggest airport has reported a big increase in profit, benefitting from an ongoing increase in passenger numbers and the sale of its Australian investment.

Auckland Airport Photo: 123RF

Auckland Airport‘s full year net profit rose more than 95 percent to $650.1 million for the June year.

Proceeds from the sale of its North Queensland Airports, an increase in the value of its properties and other one-time adjustments boosted the result by $387m.

Chairman Sir Henry van der Heyden said the company had another solid year of growth in travel and trade markets, building on the significant growth over the prior two years with many new carriers and domestic and international routes.

Passenger numbers rose 5.7 percent to $20.5m in the year.

Underlying profit rose 7 percent to $506.4m.

Revenue rose 8.7 percent to $629.3m, while expenses rose 13.6 percent to $177.5m.

The airport was named and shamed in April by the Commerce Commission which said its forecast profits for the next five years were too high and would result in higher air fares.

However, Mr van der Heyden stressed its reinvestment in infrastructure.

“The investment in new transport projects and the rollout of new operations and service initiatives have reinforced our focus on business in New Zealand and on taking care of customers during our $2 billion aeronautical infrastructure development programme,” he said.

“We are already starting to see the benefit of these projects on operational and service performance and customers are also benefiting from the changes through upgraded facilities, improved airport processes and a wider range of retail choices while at the airport.”

AIA expects to make a net profit of between $265m and $275m in the current year.