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Wellington Airport announces special dividend
1 Aug 2011
Wellington Airport announced the payment of a special dividend of $40 million to its shareholders today.
Wellington Airport is a critical piece of national infrastructure owned by Infratil and Wellington City Council. Infratil’s 30,000 shareholders and the people of Wellington will benefit from the dividend, with the amount payable to Wellington City Council being the equivalent of approximately $180 per rate payer.
With assets valued at $750 million, the Airport business has shown good resilience and continued to deliver solid earnings growth despite the weak economy and the impact of restricted consumer spending. The good financial performance reflects past investment, including its on-budget completion of ’The Rock’ terminal development, strong cost management and its conservative debt liability profile. Future earnings growth is forecast to come from the current program of retail enhancements and ongoing improvements to the terminal and development of the car parking facilities.
The dividend also includes proceeds of $10 million from the sale of its wholly owned subsidiary, iSite Limited which was recently completed.
Issued by: Wellington International Airport Limited