Auckland International Airport Limited (ASX: AIA) is into providing facilities in airport and supports infrastructure in Auckland and New Zealand. The Airport has three business segments including Aeronautical, Retail & Property. The group runs the Auckland Airport, which is one of the busiest international airports in Australasia.
On 22 February 2019, the Airport released its half year results for FY 2019. The first six months of FY 2019 reflected a strong start to FY 2019 with significant milestones in its 30-year programme, which involved completing some 55,000 square metres of newly built or refurbished international terminal infrastructure – as well as making significant progress on the design and planning for several anchor projects that will form the foundation of airport for the future developments through to 2027.
Total revenue of the Airport stood at $370.6 million, which is an increase by 11.5% and earnings before interest expense, taxation, depreciation, fair value adjustments and investments in associates (EBITDAFI) increased to $277.1 million in 1H19 which is an increase of by 10.8%. The reported profit after tax was $147.2 million for H1 FY19 whereas the underlying net profit was reported at $136.9 million, which is an increased by 2.9%.
Total passenger numbers at Auckland Airport went up to 10.6 million, which is a growth of 3.7%. International travellers reached to 5.3 million (up 4.4% on the first half of FY18), which was mainly fuelled by additional capacity on Asian, Pacific Island and North American routes. International transit travellers were down to 0.5 million, which is a decrease of 5.2%. Domestic travellers grew by 4.0% and stood at 4.8 million, primarily on the back of additional capacity on main trunk routes.
The company has an outlook of unchanged profit for the financial year 2019. The company expects its underlying net profit after tax to be within a range of $265 million and $275 million. This would growth the underlying earnings per share by 4.5% in 2019, which represents a slower growth compared to recent years.
On 22 February 2019 the Board of the Auckland Airport passed resolutions relating to the offer of shares under the Dividend Reinvestment Plan of the Airport. AIA will pay a dividend of NZD 0.12941200 on 5 April 2019, with an Ex-date and Record date of 21 March 2019 and 22 March 2019 respectively, on ordinary fully paid foreign exempt securities.
On the price-performance front, the stock of Auckland International Airport Limited last traded at $7.10 with an increase of 1.429% during the day’s trade and with a market capitalisation of $8.45 billion. The stock has generated a YTD return of 2.19% and posted returns of 12.0% and 6.22% over the last six months and three months period respectively. The stock has a 52-week high price of $7.310 and a 52-week low price of $5.710 with an average trading volume of ~109,474. It is trading at PE multiple of 14.050x with an EPS of AUD 0.498 and with an annual dividend yield of 2.88%.
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