Auckland Airport returns to profit as travel rebounds after Covid

Auckland International Airport returned to profit as it benefits from pent-up demand for travel after the Covid-19 pandemic. The country’s biggest international gateway reported an underlying first-half profit of $68m in the six months to December 31, from a loss of $11.5m last year. Auckland Airport is benefiting from a surge in travel demand after the country’s borders progressively opened last year, with full planes and increased flights expected to fuel the ongoing recovery. It follows two years of losses after the pandemic brought global travel to a standstill. CE Carrie Hurihanganui said it was reassuring to see the airport return to profitability, reflecting a significant increase in capacity with 23 airlines now flying from Auckland Airport to 35 international destinations. “We've seen the return of international airlines, increasing demand and record high load factors so all that is incredibly positive,” she said. “The recovery is well and truly underway.” The company’s shares lifted 2.6% to a three-year high of $8.80 in midday trading on the NZX on Thursday. The airport handled 7.6m international and domestic travellers in the first half, which was 71% of the travellers that came through the airport in its 2019 financial year, before Covid. Some 4.1m of those were domestic passengers, 85% of pre-Covid levels, while 3.5m were international passengers, 60% of pre-Covid levels. Domestic passenger volumes had quickly recovered, but stabilised below pre-Covid levels because of lower airline capacity, while international travel continued to strengthen as connectivity improved.<br/>