Wellington International Airport Reports Solid Revenue Growth

Highlights:

• Revenue Growth: Wellington International Airport Limited (NZX: WIA) reported an 18.6% increase in revenue, totaling $90.91 million for the six months ending September 30, 2024, demonstrating strong recovery amid challenging market conditions.
• Net Loss: The airport recorded a net loss of $706,000, a 68.5% decline compared to the previous year, indicating areas for operational improvement despite revenue gains.
• Revenue Breakdown: Key revenue streams showed significant growth, with landing and terminal charges increasing by 33.7% to $53.90 million, while property rent and lease income rose 6.8%

to $9.96 million.

Strong Performance Amid Challenges

Wellington International Airport Limited (NZX: WIA) has announced its financial results for the six months ending September 30, 2024. The company reported a substantial 18.6% increase in revenue from continuing operations, reaching $90.91 million (at the time of writing). This growth reflects the airport's ongoing recovery and resilience in a challenging market environment.

Net Loss Signals Areas for Improvement
Despite the impressive revenue growth, WIA faced a net loss of $706,000, which represents a 68.5% decline compared to the previous year. This loss is not attributable to security holders but rather to the two shareholders of WIA. The company's Chief Financial Officer, Martin Harrington, stated that the airport is committed to addressing the factors contributing to this loss as it continues to enhance its operational efficiency and customer experience.

Revenue Breakdown Highlights Key Areas
In the latest reporting period, WIA experienced notable increases in several revenue streams. Landing and terminal charges surged 33.7% to $53.90 million, while retail and trading activities remained relatively stable at $27.05 million—a marginal increase of 0.1%. Property rent and lease income rose 6.8% to $9.96 million, underscoring the airport's diversified income sources. Additionally, net tangible assets per share improved to $21.61, up from $21.28 in the previous year.

Positive Outlook Ahead
Wellington International Airport Limited has received a stable credit rating of BBB from S&P, reaffirming investor confidence in its financial stability. The management team remains focused on strategic initiatives that will position WIA for sustainable growth and profitability in the coming years.

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