QAC says it is expected the total dividend for the full 2023 financial year will also be the highest ever paid.
For the last six months, revenue of $30m was up from $12.7m in the prior corresponding period.
Earnings before interest, tax, depreciation and amortisation (ebitda) increased by 256 per cent from $6.3m to $22.5m.
After-tax profit was $11.5m, up from $0.8m in the same period last year.
Term debt was $53m, down from $65m.
Total passenger numbers exceeded 1.2 million, up from 482,000 domestic-only movements in the period. Those numbers are now on par with pre-Covid levels.
QAC board chair Adrienne Young-Cooper said that in the last six months Australian and domestic visitors had steadily returned to Queenstown.
“The great snow conditions during winter, combined with the uplift in passengers taking the opportunity to reconnect with friends and family, made the Southern Lakes a popular destination,” she said.
Demand had been boosted by rapid population growth.
The Queenstown Lakes District population had grown by 10.5 per cent since 2019 and was now close to 50,000.
Thanks to the larger population base and more New Zealanders working remotely, the airport said it was an important link for residents of the region.
The company’s report from Young-Cooper and chief executive Glen Sowry said it was expected the steady return of travellers experienced during the reporting period will be sustained over the next six months.
However, a forecast economic recession could have a suppressing effect on demand for travel as significant increases in the cost of living take effect, the company warns.
“As has been the case around the world, we have experienced staff shortages and supply chain issues as aviation has restarted.”
Airlines profits soar
Overnight, Singapore Airlines (SIA) reported its best-ever quarterly operating profit, nine-month operating profit and net profits.
The group posted an operating profit of S$755m ($906m) for the third quarter, up $77m.
Passenger flown revenue increased 14 per cent to S$3.7 billion as traffic grew 12.2 per cent for the quarter, outpacing the 11.1 per cent expansion in capacity.
Revenue per available seat-kilometre (RASK) was S10.6c, the highest quarterly figure in the group’s history. The group recorded an operating profit of S$1.9b for the nine months to December last year, versus a S$543m loss a year before.
Net profits rose to a record S$1.5.b, reversing the S$752m loss in the previous year.
The airline said robust demand for air travel continued into the third quarter of the current year, building on momentum that began after Singapore relaxed its border restrictions in April last year.
The group passenger capacity reached 80 per cent of pre-Covid-19 levels in December 2022, higher than the average of 51 per cent for the Asia-Pacific region.
Fuel prices helped in the last quarter - they fell 13 per cent.
In commentary, the airline says demand for air travel is expected to be robust in the fourth quarter, supported by the recovery in East Asia as travel restrictions ease across China, Hong Kong, Japan, and Taiwan.
Forward sales remain strong across all markets for both leisure and business travel, as well as all cabin classes.
Demand for air freight is expected to face headwinds, in addition to the seasonally weaker fourth quarter. This is due to macroeconomic concerns, and a slowdown in new orders as importers trim inventory levels.
“The airline industry continues to face geopolitical challenges, slowing economic growth, high cost inflation, and elevated fuel prices. Competition is likely to intensify as airlines inject more capacity on international routes,” Singapore Airlines said.
SIA operates 25 weekly flights from Auckland and Christchurch to Singapore, including a daily service between Auckland and Singapore with alliance partner Air New Zealand. It operates the most long-haul services to this country of the overseas-based airlines.
Singapore Airlines’ result follows a return to profit by Dutch carrier KLM. In the black for the first time since the pandemic hit, KLM Group reported a full-year profit of $1.2b.
Tomorrow, Auckland Airport, Air New Zealand and Qantas report interim results and they will show the strong recovery of travel in this region.
