Auckland Airport announces plans to build 100 store retail precinct expected to create 500 jobs

Auckland International Airport has posted an after tax profit of NZ$464.2m for the year to June 30, while also announcing plans to build a retail precinct with 100 stores that is expected to create 500 new jobs. Although its after tax profit was up 139% on the previous year’s $194m profit, the airport made an underlying loss of $41.8m, its first full year underlying loss in history. The underlying loss was in line with guidance the airport gave at the start of the year. The airport says underlying profit is how it measures its financial performance because it removes revaluation changes that can distort financial results or where one-off transactions, both positive and negative, can make it difficult to compare profits between years. The airport also recorded its lowest number of international arrivals and departures since 1972, with just 600,000 passengers, including transits, down 93% on the previous year. Total passenger numbers were 6.4m, down 59% on the previous financial year. The new retail precinct would involve the development of a 23,000 square metre-plus outlet centre on undeveloped land at the north-eastern edge of the airport. “Premium and lifestyle brands” will be sold “at often heavily discounted prices”, the company said. The airport’s general manager of property and commercial Mark Thomson said there was a gap in the market for a purpose-built fashion outlet centre and the airport had been exploring the concept for several years.<br/>