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Auckland Airport Reports Its First Annual Loss as Pandemic Decimates Travel

By Stephen Wright

WELLINGTON, New Zealand--Auckland International Airport Ltd.--the main travel gateway to New Zealand--reported its first annual loss, due to the collapse in international travel brought on by the pandemic.

The company on Thursday said its underlying loss for the financial year ended June 30 was 41.8 million New Zealand dollars ($28.7 million) compared with a profit of NZ$272 million in the previous year.

Auckland Airport said it couldn't forecast earnings for the 2022 financial year due to uncertainty stemming from the pandemic. It reiterated recent comments that an increase in Covid-19 vaccinations is providing more confidence in an eventual recovery in travel.

To capitalize on domestic spending, the airport operator said it plans to develop a fashion outlet center on the edge of its airport precinct that would have 100 clothing and food outlets.

The company's statutory net profit for the past financial year swelled to NZ$464.2 million due to a revaluation gain on property holdings.

 

Write to Stephen Wright at stephen.wright@wsj.com

 

(END) Dow Jones Newswires

August 18, 2021 17:26 ET (21:26 GMT)

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