Auckland International Airport delays second runway by a decade
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The news: Auckland International Airport was one of the worst performing ASX 200 stocks in early trading after the airport operator said it will delay building a second runway for at least 10 years.
The numbers: Shares were down 1.1% to $7.43 at 10:40am AEST, as the ASX 200 index lifted 0.5%.
The context: The company's chief strategic planning officer, Mary-Liz Tuck, said the second runway — previously expected to be operational by 2028 —will likely be pushed back by a decade.
Tuck said the airport still expects to need a second runway, but the anticipated "trigger point" has been revised through operational and airfield efficiency measures.
What they said: "Construction of a second runway is a big commitment, and one that we will only consider if it is in the best interests of New Zealand," said Tuck.
"First, we will fully explore all the ways we can ensure our current airfield operates as efficiently as possible. If the existing runway cannot provide the capacity New Zealand requires, then we will commence consultation with airlines on the second runway."
The source: ASX
