March 12, 2020 / 8:09 PM / 19 days ago

BRIEF-Auckland International Airport Revises Earnings Guidance For FY20

March 13 (Reuters) - Auckland International Airport Ltd :

* AUCKLAND AIRPORT REVISES EARNINGS GUIDANCE FOR FY20

* REVISED ITS UNDERLYING EARNINGS FOR YEAR TO 30 JUNE 2020 TO BETWEEN $210 MILLION AND $235 MILLION

* CHANGING FORECAST REFLECTED MAJOR DISRUPTION COVID-19 WAS HAVING ON GLOBAL TOURISM INDUSTRY

* IN FEBRUARY 2020, TOTAL PASSENGER NUMBERS DETERIORATED FURTHER, FALLING 8.6% ON FEBRUARY 2019

* IN JANUARY 2020, TOTAL PASSENGER NUMBERS WERE DOWN 3.4% ON JANUARY 2019

* FULL IMPACT OF COVID-19 ON AUCKLAND AIRPORT’S OPERATING AND FINANCIAL PERFORMANCE COULD NOT YET BE DETERMINED

* REVISED PREVIOUS GUIDANCE OF UNDERLYING EARNINGS FROM $260 MILLION-$270 MILLION TO $210 MILLION-$235 MILLION FOR FY TO 30 JUNE 2020

* “NOW SEEING A SIGNIFICANT REDUCTION IN FLIGHTS AND IN NUMBER OF PASSENGERS COMING THROUGH OUR TERMINALS”

* SEEN IMMEDIATE IMPACT ON BUSINESS TRAVEL, AND NOW ANTICIPATING RAPID DOWNTURN IN LEISURE TRAVEL IN COMING MONTHS

* ANTICIPATES FURTHER DOWNTURN IN PASSENGER NUMBERS TO CONTINUE FOR REMAINDER OF 2020 FY

* DECLINE IN TOTAL PASSENGERS FOR FEB DUE TO IMPACT THAT COVID-19 OUTBREAK IS HAVING ON NZ’S TRAVEL AND TOURISM INDUSTRY

* JAN DOMESTIC PASSENGERS WERE DOWN BY 6.9%

* EXPECT IMPACT FROM COVID-19 TO BE GREATER IN MARCH FOLLOWING FURTHER TRAVEL RESTRICTIONS

* DECLINE IN DOMESTIC PASSENGERS FOR JAN MAINLY DRIVEN BY JETSTAR’S WITHDRAWAL FROM REGIONAL SERVICES ON 1 DEC 2019

* FOR FIRST TEN DAYS OF MARCH, INITIAL PASSENGER DATA INDICATES THAT INTERNATIONAL PASSENGERS WERE DOWN 18%

* ALL FIGURES IN NZ$ Source text for Eikon: Further company coverage:

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