Covid blamed for sharp revenue drop at QAC

BTN News

Thursday, 18 February 2021

New Zealand’s Queenstown Airport Corporation (QAC) says its interim results for the six months ended 31 December 2020 reflect the impact of Covid-19 on the business and region.

QAC’s revenue was down 53 per cent to NZ$13.5 million from NZ$29 million over the same period in 2019. There was a sharp decline in passenger movements (arrivals and departures) at Queenstown Airport, which led to the company’s aeronautical and commercial revenue decreasing by 56 and 58 per cent respectively.

Reported Net Profit After Tax was down 80 per cent to NZ$2.2 million, compared to NZ$10.8 million in the same period last year.

Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) decreased by 56 per cent from NZ$20.4 million to NZ$9 million.

QAC Board chair Adrienne Young-Cooper said: “Our primary objective in response to the Covid-19 pandemic is to safeguard the company’s core capability to operate vital airport infrastructure in the district and to support the operators at both Queenstown and Wānaka airports wherever possible.”