By KEVIN TAYLOR
HAMILTON - A record Hamilton International Airport profit will be put back into the company for new development.
The airport, owned by Waikato local authorities, recorded an after-tax profit in the year ended June of $558,915, compared with $438,703 the year before.
Chairman Laurie McDowall said that the result was due to good management and the extra business generated by Freedom International with its flights to Australia.
During the past 12 months Freedom, an Air New Zealand subsidiary, had introduced another aircraft to serve Hamilton.
Melbourne had also been added as a destination.
Freedom now had 11 or 12 flights a week out of the airport.
The shareholders, the Hamilton City Council and Waikato, Waipa, Matamata-Piako and Otorohanga District Councils, have agreed not to take a dividend so the money can go back into improving the airport.
Representatives of the councils, as well as airport company directors and staff, were treated to a chartered flight on the Catalina flyingboat yesterday to celebrate the record result.
The before-tax profit for the last year was $714,446, compared with $554,698 the year before.
Mr McDowall said the latest profits were being used for a $750,000 carpark.
Resurfacing 1400m of the 1900m runway would start next month.
The work, estimated to cost more than $700,000, would be done at night to avoid disrupting aircraft.
The job should be finished by the end of the year.
Mr McDowall said the airport was now widely recognised for its contribution to the regional economy.
More than 600,000 people had used the terminal in the past year. Of those, about 280,000 were passengers.
While he was confident about the future of the airport, Mr McDowall sounded a caution about the pressure airlines were under from the low New Zealand dollar and rising fuel and aircraft lease costs.
He said the airport was totally dependent on the financial success of the airlines.
Owners put profit back into Hamilton airport
AdvertisementAdvertise with NZME.