Dunedin International Airport Ltd has recorded a small deficit for the year to the end of June, but chairman Richard Walls says the result is a "positive turnaround" from the previous 12 months.
"It has brought a smile to our faces," he said yesterday.
The deficit to June 30 was $50,357, compared to a deficit of $907,842 last year.
Total revenue of $8,157,193 was up 8.1% on last year and represented an increase of 27.4% above budget.
Global and domestic economic conditions resulted in reduced travel during the first half of the financial year, but the turnaround since had been "noticeable and pleasing", Mr Walls said.
Passenger numbers reached a high of 778,190, an increase of 1% on last year.
International passenger numbers continued a six-year trend and dropped 1.8% to 49,501, while domestic passenger numbers grew to 728,689, an increase of almost 9000 on last year.
No dividend had been declared for the year ended June 30, but strong cash flow had enabled the company to indicate a dividend of 3c a share totalling $264,000 would be paid in November.
The Dunedin City Council, which owns 50% of the company, will receive $132,000.
Mr Walls said the strong cash flow enabled the company to reduce debt (amassed because of the redevelopment of the terminal in 2005-06) by $2.15 million.
The 2009-10 result was particularly pleasing given the "turbulence" the global economic crisis created for the aviation industry.
"Where the industry was going was anyone's guess ... But it seems the worst is probably over, based on the number of orders being placed for new aircraft."
Mr Walls hoped for more international passengers.
On the domestic front, the withdrawal of Pacific Blue's domestic service and reduction of 2520 seats per week on the Dunedin to Auckland route was "disappointing," he said.
"Even though Air New Zealand plans to increase capacity between Dunedin and Auckland by 46% in February, the seat capacity will still be below the capacity available on the route prior to Pacific Blue's withdrawal."
Developments planned at the airport for the 2010-11 financial year included consolidation of rental car services to the north of the terminal and the creation of 75 more public car parks.
Dunedin International Airport trends
|
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | 2009-10 |
| Total revenue | $6.62 million | $7.02 million | $7.65 million | $7.54 million | $8.16 million |
| Total passenger numbers | 703903 | 701975 | 708506 | 770206 | 778190 |
| International passengers | 90325 | 79746 | 70287 | 50419 | 49501 |
| Domestic passengers | 613578 | 622229 | 638219 | 719787 | 728689 |
| After-tax profit/loss | $922,213 | $324,480 | -$324,236 | -$907,842 | -$50,357 |
