Auckland Airport’s outlook drags down shares
The S&P/NZX 50 index fell 38.5 points, or 0.33%, to 11,814.34. Turnover on the main board was $92.2m.
Auckland Airport reported a profit of $191.6m in the year ended June, driven by a $204m increase in the valuation of its property portfolio.
Shares in the company dropped almost 3% after the result as investors absorbed profit guidance for the 2023 financial year, which was lower than some had expected. By the end of the day, the shares were down 1.3% to $7.65, with over $16.4m traded.
Mark Lister, head of private wealth research at Craigs Investment Partners, said Auckland Airport’s numbers were a little ahead of what was expected, and the company had managed the business well through the period – but the company’s outlook had been “a little weak and a bit disappointing”.
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