Queensland Airports Limited (QAL)
| AIX interest in QAL: | 49.1% |
| TIF interest in QAL: | 33.7% |
QAL owns and operates three key airport facilities in Queensland, Australia (Gold Coast, Townsville and Mount Isa Airports). Gold Coast airport is located near one of the major tourist destinations in Australia; Mount Isa airport services the busy mining sector and commercial trade in the township; while Townsville services the growing far north Queensland region. Passenger traffic through these airports is largely state and Australian based with regional and major national carriers servicing each airport.
Performance highlights 2008
Total revenue for the year was $72.4 million and EBITDA was $46.4 million, increases of 12.7 and 6.0 percent respectively on the previous year.
Gold Coast and Townsville Airports experienced passenger growth of 14.2 percent and 8.2 percent respectively, while Mount Isa Airport delivered passenger growth of 20.8 percent. Gold Coast Airport passed Cairns Airport in financial year 2008 to become the sixth busiest airport in Australia.
Continuing capacity increases by existing carriers and the introduction of two new carriers, Tiger Airways and AirAsia X, largely drove passenger growth at Gold Coast Airport.
The number of seats available on all routes across all three airports, grew by 13.4 percent in the 2008 financial year. This growth in services is evidence of the continuing success of Gold Coast Airport's LCC strategy and branding as a tourist destination.
Tiger Airways commenced a Gold Coast to Melbourne service in December 2007, while Jetstar doubled capacity on its Newcastle to Gold Coast route and significantly increased services on its Gold Coast to Melbourne and Sydney routes. In September 2007, Gold Coast Airport was announced as the first long-haul destination for AirAsia X due to the region's high economic growth and attractiveness as a tourist destination. Jetstar recently announced the introduction of a Gold Coast to Osaka service starting from October 2008 and a five times weekly Gold Coast to Tokyo service commencing in December. To date, recent fuel price volatility has not had a material impact on Queensland Airports.
Performance outlook
The outlook for 2008 is positive, with QAL positioned to benefit from any further positive developments
in the LCC market.
The major redevelopment of QAL's Gold Coast Airport terminal facilities commenced in April 2008. The $100 million development will provide improved check-in, baggage and security screening, as well a broader retail and food/beverage offering. Completion of the terminal is expected in March 2010.
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Queensland Airports Limited
Financial and operational performance
| 30 June year end | 2004 | 2005 | 2006 | 2007 | 2008 | CAGR* 04/08 |
| Passengers (m) | 3.7 | 4.5 | 5.0 | 5.3 | 6.0 | 12.5% |
| Revenue ($m) | 41.5 | 46.9 | 56.4 | 64.2 | 72.4 | 14.9% |
| EBITDA ($m) | 26.9 | 30.5 | 38.2 | 43.8 | 46.4 | 14.6% |
* CAGR: Compound Annual Growth Rate
For more information please visit the Queensland Airports Limited website