Airwork takes off in first NZX profit

JOSH MARTIN
Last updated 13:18 20/02/2014

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Newly listed aircraft leasing and aviation services company Airwork has reported a debut net profit of $4.5 million for the six months to December 31, down from $5.6m a year earlier.

The result includes $1.5m costs associated with the Auckland-based company's listing on the NZX in December.

Chief executive Chris Hart said the result was in line with expectations and Airwork was on target to meet the forecast net profit of $8.4m. full financial year.

Shareholders will receive a dividend of 7 cents a share on April 4.

Total revenues of $65.7m were up 15.8 per cent from $56.7m for the same period in 2012.

Revenue from helicopter operation were up 23 per cent to $31.4m and for fixed wing operations up 9 per cent to $34.5m on a year earlier.

Total expenses for the period were $47.8m, up 18.6 per cent from $40.3m for the six months to 31 December 2012.

An Airwork Boeing 737 freighter was extensively damaged when one of its main landing gear collapsed after landing at Henderson Field in the Solomon Islands last month. The aircraft was flying in the livery of the Australian based freight company Toll.

Airwork shares recently traded unchanged at $2.90 up from its debut of $2.73 on December 19.

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- Fairfax Media

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