Auckland International Airport remained optimistic about the 2014 financial year and was one of the few companies to provide profit guidance, Craigs Investment Partners broker Chris Timms said.
The company expected underlying reported profit to be between $160 million to $170 million in the current financial year, 5% up on the current year.
''The range is very tight but shareholders in the company will be pleased with that, particularly when Auckland airport continues to provide dividends.''
Auckland airport reported operating earnings of $320.8 million for the year ended June, up 4% on the $319.3 reported in the previous corresponding period.
Reported profit was up 25% to $178 million and the underlying profit, which strips out matters not affecting company performance, was 11% higher at $153.8 million.
Sales revenue for the period was up 5% to $448.5 million. The final dividend of 6.25% took the total dividend to 12 cents per share, up 14% on last year.
Mr Timms said the numbers continued to stack up for Auckland airport. The company was working hard to get more airlines to fly into the airport and bring increasing numbers of tourists to the country.
''We were expecting it to be a strong result and generate profit at the upper end of our forecast.''
Craigs had a price target of $3.30 a share which was reached yesterday, he said.
Auckland airport chairwoman Joan Withers said the Commerce Commission had now reported to the Government about its investigation into airport charges.
The outcome had been the end of a long and involved process and showed New Zealand's information disclosure regime for airports was working well.
She said the company's pricing provided an acceptable return on the significant investment being made in essential long-term infrastructure.
''While our business has continued to grow in the financial year, our strategic plan is to grow faster, aim higher and become stronger over the next 12 months and, in doing so, maintain the strong momentum we have established over the past few years,'' Mrs Withers said.
