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23 Apr 2018 21:40
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  •   Home > News > Business

    Auck Airport may sell Nth Queensland stake

    Auckland International Airport is considering its stake in North Queensland Airport.


    Auckland International Airport is still considering its options for its 24.55 per cent stake in North Queensland Airport and expects to give an update in February.

    In the company's annual report released in August, it said that while a strategic review confirmed that NQA was a quality asset "and a great investment with a strong growth strategy and a new and highly capable management team", it wasn't integral to its current business strategy.

    The airport said three options - to continue to hold the stake in the airport, to sell to one or more of the existing NQA shareholders, or to sell to a third party in accordance with the security holders agreement - remain on the table, but it would prefer to sell.

    In August last year, the company lifted annual profit 27 per cent to $332.9 million with growth from domestic and international passengers and said it expected underlying earnings growth in 2018.

    The airport is implementing a massive $1.9 billion infrastructure investment programme that includes a new runway by 2028 and has said it will need to consider capital funding options in the next five years to support the work.

    The shares last traded at $6.61, up 5.8 per cent in the past 12 months.


    NZN




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