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Aviation Recovery Builds Momentum at Perth Airport

21 November, 2022
The strong performance of the property market and the re-opening of Western Australia’s borders has seen Perth Airport return to profit for the 2021/22 financial year.

The devastating financial impact of Covid-19 had seen Perth Airport record its first ever loss of $64.5million for FY21.

This included significant losses in the provision of aeronautical services with the airport effectively subsidising each passenger to the tune of $5.98.

The border re-opening in March of this year has seen Perth Airport almost break-even on the provision of aeronautical services in FY22. This represented a turnaround of more than $35 million on FY21.

The re-opening also saw some recovery in revenue results for non-aeronautical services such as retail and ground transport, but both remain below pre-Covid levels.

Overall, Perth Airport has recorded a net profit after tax of $149.8 million.

This result has been largely driven by a change in fair value of investment property of $85.4 million and a mark to market adjustment of $104.2 million.

Perth Airport CEO Kevin Brown said the improved results are a sign the aviation sector has begun a slow recovery.

“It’s been two incredibly tough years under Covid as we have dealt with various travel restrictions which saw our international passenger numbers plummet by around 99 per cent, and our interstate passenger numbers by around 97 per cent,” Mr Brown said.

“For a business that generates aviation revenue on a per passenger basis, the impact has been devastating.

“The return to an almost breakeven point for the aviation services side of our business is a milestone in itself.

“We continued to work closely with our airline partners throughout the pandemic and this has provided the foundation for the recovery of aviation in Western Australia.

“With borders now open, we expect the full results for the current financial year to continue to steadily improve.

“We also remain committed to new major capital projects such as Perth’s New Runway, the first of two multi-storey carparks, and a new modern terminal to allow Qantas to move its operations to the Airport central precinct.”

 

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MEDIA CONTACT:
Corporate Affairs
Perth Airport
E: [email protected]