Airport worth $215 million

WELLINGTON - Wellington Airport's value has increased significantly, but city councillors remain divided over whether the council should sell its shares.

A report by Deutsche Bank says the airport company is now worth $215 million. Last August the Government sold its 66 per cent stake to a consortium led by investment company Infratil New Zealand for $96 million. The report says that holding would be worth $142 million today.

That means the value of the council's 34 per cent shareholding has jumped from about $48 million last year to $73 million.

The analysts said Wellington Airport's earnings would more than double to $36.8 million in 2003, before interest, tax, depreciation and amortisation, from $15.6 million in 1998. - NZPA