By Stephen Wright


Auckland International Airport Ltd. said a full recovery in passenger numbers from the Covid-19 pandemic may take longer than the global travel industry expects.

The operator of New Zealand's main international gateway on Thursday reported a 59% fall in full-year net profit to 191.6 million New Zealand dollars ($120 million). Stripping out changes in the value of its properties, Auckland Airport had a full-year loss of NZ$11.6 million--its second ever loss.

The company said its planning assumptions are more conservative than the International Air Travel Association, which has predicted that travel will recover to pre-pandemic levels in 2024.

"While we are hopeful of a strong recovery over the next 18 months, our outlook remains conservative" Auckland Airport said. The company forecast an underlying net profit of NZ$50 million to NZ$100 million for its current financial year ending in mid-2023.


Write to Stephen Wright at stephen.wright@wsj.com


(END) Dow Jones Newswires

08-17-22 1711ET