Queenstown Airport Corporation Limited (QAC) has released its annual results for the financial year ending 30 June 2020 (FY20) last week, and at the same time implemented its business stabilisation plan, including a company-wide restructure.
Although the financial year started with a solid performance, the outbreak of the global pandemic in the second half of FY20 and the lockdown period in the fourth quarter presented unprecedented challenges. Extended closedown of Queenstown and Wānaka airports resulted in a 19 percent decrease in passenger movements on previous years.
Total income for the financial year was $46.7 million, representing a decrease of $3.0 million (6 percent) compared to the previous financial year, but profit for the year was $18.0 million, up $1.4 million (8 per cent).
Chief Executive, Colin Keel said that the past few months had been challenging and QAC had “made the extremely difficult decision to undertake a company-wide organisational restructure.
“While we were able to take advantage of the government’s wage subsidy programme and retain all permanent staff to the end of FY20 on higher than the wage subsidy level we have recently farewelled some very dedicated and talented people who made a significant contribution to QAC and to the community in their time with the airports,” he said.
“The next phase of our response is to ensure that the business is stabilised over the financial year to June 30 2021 by focusing on the wellbeing of our people and underlying business performance, working closely with our airline customers, and supporting the recovery of the district and its communities.”
QAC Chairperson, Adrienne Young-Cooper added that QAC remained “strong and well positioned” to navigate the uncertainties of the COVID-19 environment.
“One of the silver linings that ripples right through QAC and the wider community is the opportunity this gives us to reset our future, be innovative, collaborative and considered,” she said.
Read edition 990 of the Wānaka Sun here.