I have got to say, this company has really caught my eye again. Closing at NZ1.64 today it is looking like one of NZX's bargains at the moment.
I hold 3000
The downturn in passenger arrivals coincided with the release of a new strategy plan for Auckland Airport by Moutter, himself newly appointed to the job.
The previous management team had responded to the drivers of the day, which was strong and continuing passenger growth, said Moutter. But the dynamic had shifted, and there was huge uncertainty as to when that growth might return. "But if we hunker down and drop everything to the lowest cost base, then we won't be able to capitalise when growth triggers return," he said.
His new strategy concentrates far more on developing the substantial land holdings held by the company. Property, he says, is one area where the airport company had the highest hopes and greatest opportunity of surviving, and even thriving through the recession.
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