Perth Airport parent body Westralia Airports Corporation has announced an increase in operating profit, on the back of a strong year in its property division and increases in car park capacity and passenger numbers.
Perth Airport parent body Westralia Airports Corporation has announced an increase in operating profit, on the back of a strong year in its property division and increases in car park capacity and passenger numbers.
The full text of an announcement from the company is pasted below
Westralia Airports Corporation, the operator of Perth Airport, reported an operating profit before tax for the year ended June 2006 of $24.3m up from $12.6m in the previous year. Earnings before interest, tax, depreciation and amortisation rose to $113.3m compared to $84m in the previous year. This is the first year of reporting under the Australian equivalents to International Financial Reporting Standards.
EBITDA on a comparable basis with the previous year (adjusted for AIFRS changes and other irregular items) rose by 7%. EBITDA growth was driven by a 9% increase in domestic passenger numbers, a successful year for the airport's property division and a 22% increase in ground transport revenues due to increases in car park capacity.
The car park capacity increases were in response to both the record domestic passenger numbers and the growth in regional aviation supporting the booming Western Australian mining industry.
To support the continued growth in passenger numbers and property demand, Perth Airport invested nearly $32m in infrastructure, plant and equipment during the year. The ongoing investment programme is expected to grow substantially in the next few years.
Perth Airport Chief Financial Officer, Mr Wayne Ticehurst said, "we are working hard through our focussed capital expenditure programme to ensure that facilities and infrastructure are in place to support increasing demand. Further growth, stimulated by the Western Australian mining boom, has also fuelled significant investment by Perth Airport to ensure the needs of that industry are met."
"Car parking facilities at Perth Airport were upgraded and expanded in the last financial year with 285 extra long-term parking bays at the domestic terminal and an extra 320 bays at the regional car park. This year we are conducting a study into the overall car parking offer to improve the facility for travellers," Mr Ticehurst said.
"Also important to the profit result is the property division which completed a number of new leases during the year. With site preparation for the Coles distribution centre completed and strong interest from commercial and industrial tenants, Perth Airport should continue to meet the property needs of companies seeking a central location and large lot sizes," he said.
Mr Ticehurst concluded by saying that the "future growth of both aeronautical and non-aeronautical services looked strong with $85 million earmarked for capital expenditure in 2006/2007, (a record figure ever budgeted in a single financial year) to further improve aviation facilities and the development of the airport's property estate."
It should be noted that the financial results of the company for the year ended 30 June 2006 reflect the impact of the first year of preparation of the financial statements under the AIFRS. Major impacts on the financial statements affecting the operating profit before tax were an asset revaluation of investment land and buildings ($26.9m) and a net loss on derivatives not qualifying as hedges ($12.8m).
