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Tag: Auckland

  • Mycofeast Buys New Zealand Dairy Protein Startup Daisy Lab

    Mycofeast Buys New Zealand Dairy Protein Startup Daisy Lab

    British biotechnology firm Mycofeast acquired New Zealand dairy protein startup Daisy Lab for an undisclosed sum in October 2026. The buyout secures Daisy Lab’s precision fermentation platform.

    The deal transfers Daisy Lab’s Auckland operations and patent pipeline to the UK group. Daisy Lab’s scientific team will stay intact.

    Daisy Lab uses genetically engineered yeast to produce animal-free dairy proteins, including whey, casein, beta-lactoglobulin and lactoferrin. The company estimates its system cuts greenhouse gas emissions by up to 97 per cent compared with conventional dairy farming. Its most advanced project centres on high-yielding bovine and human lactoferrin. The iron-binding glycoprotein is used in infant nutrition, immune supplements and pharmaceuticals.

    Integration without cuts

    All laboratory staff and founders will keep their Auckland positions. Co-founders Irina Miller, Nikki Freed and Emily McIsaac will take broader operational roles across the Mycofeast organisation.

    Development work from the New Zealand team will link with Evolutia Bio, Mycofeast’s research arm in California. The team will also draw on the parent firm’s industrial processing plants. Daisy Lab had initially engaged Mycofeast as an ingredient customer and commercial partner before talks became a full buyout.

    “There are no layoffs associated with the acquisition. Mycofeast wanted both the technology and people,” Daisy Lab co-founder and CEO Irina Miller said.

    Fermentation economics in focus

    Extracting traditional lactoferrin requires thousands of litres of bovine milk to yield a single kilogram of purified protein. That scarcity keeps market prices between $600 and $2,000 per kilogram. It is one of the most expensive dairy fractions on global commodity markets.

    Precision fermentation bypasses cows entirely by brewing identical proteins inside stainless-steel bioreactors. For ingredient buyers across Asia, synthetic biology offers stable pricing. It also removes exposure to seasonal milk collection swings, farm runoff rules and herd disease risks.

    Capital pressure across alternative protein

    Australasian food-tech startups are turning to offshore trade sales over standalone venture capital rounds. Higher interest rates and tighter funding over the past two years made building private pilot and commercial processing facilities prohibitively expensive for early-stage laboratories.

    Selling to an established biotech operator gives Daisy Lab immediate industrial hardware without raising dilutive scale-up equity. The deal also hands Mycofeast a research base in New Zealand. That puts the British group inside a major agricultural exporter currently overhauling its biotech regulations.

    Next steps for scale

    Daisy Lab incorporated in Auckland in 2021 to engineer alternative proteins for New Zealand’s dairy-heavy economy. The startup focused on high-margin proteins rather than commodity milk powder. It established high-titre yeast strains to prove commercial viability before pursuing international manufacturing partners.

    Teams across both companies are now preparing lactoferrin samples for regulatory clearance dossiers and commercial customer trials across North America and the Asia-Pacific region.

  • Hundreds of Woolworths NZ Managers Plan First Strike over Five-Year Pay Freeze

    Hundreds of Woolworths NZ Managers Plan First Strike over Five-Year Pay Freeze

    Hundreds of in-store managers across Woolworths New Zealand are staging their first strike in October 2026 to protest a contract proposal that would freeze wages for up to five years.

    Staff represented by First Union will walk out between 10:30am and 11:30am on Tuesday across store locations nationwide to speak directly with shoppers about the pay dispute.

    Terms of the Proposed Contract

    First Union representative Ross Lampert and union officials state the current remuneration package offered by supermarket management locks store leadership into flat base pay rates. During the one-hour stoppage, participating managers plan to distribute information outside storefronts to explain why they rejected the company offer.

    First Union representative Ross Lampert condemned the proposal during negotiations with the retailer. “The pay offer is a slap in the face for people who run Woolworths’ stores,” Lampert said.

    Operating Pressures in Australasian Grocery

    Supermarket operators across the region face tighter margin scrutiny as store-level overheads climb alongside elevated supply costs. For retail chains, holding management compensation flat is a direct lever to contain operational expenditure, but doing so risks damaging retention across frontline supervisory roles.

    Store managers handle daily stock replenishment, team rostering, shrink control and checkout flows. Industrial friction at this tier creates immediate operational bottlenecks for grocery retailers, particularly during high-traffic morning trading windows.

    Shifting Frontline Labour Dynamics

    Supermarket labour disputes in New Zealand historically centred on hourly floor staff, distribution centre workers and checkout operators rather than salaried or supervisory tier staff. Mid-level retail managers taking collective industrial action reflects growing pressure on supervisory wages as living costs outpace historical salary adjustments.

    Woolworths has been updating its store networks and brand identity across New Zealand while managing cost inflation in freight, sourcing and store operations. The dispute shows that frontline cost controls are meeting organized resistance from the staff running store floors daily.

    Next Steps for Store Negotiations

    Union organizers intend to use the Tuesday morning walkout to gauge customer sentiment and escalate collective bargaining terms with grocery executives. Management and union representatives will monitor participation levels across branches ahead of the next round of contract talks.

  • Fonterra Annual Profit Jumps to NZ$2.6 Billion on Mainland Sale

    Fonterra Annual Profit Jumps to NZ$2.6 Billion on Mainland Sale

    Fonterra lifted its full-year net profit after tax by 142 per cent to NZ$2.6 billion ($1.6 billion) following the sale of its consumer arm.

    Operating profit jumped 97.6 per cent to NZ$3.4 billion for the fiscal year ended July 31. That figure included a NZ$1.2 billion gain from selling the Mainland Group consumer business.

    The Auckland-based dairy co-operative completed the Mainland sale in March, handing over brands including Anchor, Mainland, Perfect Italiano and Anmum. Stripping out the divestment, underlying operating profit rose 20 per cent to NZ$1.8 billion from NZ$1.5 billion a year earlier. Total cash distributions reached NZ$12.42 per fully shared-up farmer shareholder. That comprised a NZ$10.42 operating payout and a NZ$2.00 capital return from sale proceeds.

    Balance sheet overhaul and debt reduction

    Fonterra used the divestment proceeds and operating cash flow to cut adjusted net debt by NZ$967 million. Total debt fell to NZ$1.7 billion. Gearing dropped to 21 per cent from 24 per cent twelve months prior. Debt to earnings before interest, tax, depreciation and amortisation fell from 1.1 times to 0.7 times, giving the business headroom to absorb farmgate commodity swings.

    Underlying earnings per share rose 31 per cent to 71 New Zealand cents from 54 cents in FY25. Underlying return on capital reached 14.2 per cent. That result beat the co-operative’s target band of 10 to 12 per cent.

    Processing volumes counter farmgate price drop

    Milk collections reached 1,571 million kilograms of milk solids across the season, up 4.1 per cent year-on-year. That set a ten-year processing record for the group. Higher factory throughput spread fixed costs across a larger volume base and improved plant utilisation.

    Higher processing volumes helped shield earnings from softer commodity rates. The final Farmgate Milk Price settled at NZ$9.69 per kilogram of milk solids, down from NZ$10.16 in the previous season. Global milk supply recovered across Europe and the Americas during the period.

    Early recovery against post-sale targets

    The co-operative beat its internal recovery schedule by two years. Management had planned to take three years following the Mainland exit to rebuild underlying operating profit to NZ$1.7 billion. Higher product stream margins pushed the core business past that mark in year one.

    For food manufacturers and retail private-label buyers across Southeast Asia and Greater China, the restructured business now functions strictly as an ingredients and foodservice supplier. It no longer competes as a brand owner on retail shelves. The divestment removed channel conflict with Asian supermarket clients, though it concentrates group revenue on volatile global dairy trade benchmarks and industrial buyers.

    Earnings momentum into the next milk season

    Asset sales in South America and China farming hubs preceded this final exit from overseas retail consumer operations. Fonterra shares traded at NZ$8.30 in Wellington after the release. That put the stock near the upper limit of its 52-week trading range of NZ$6.14 to NZ$8.49.

    Chief Financial Officer Andrew Murray stated that holding product stream returns near FY26 levels would keep earnings on track through the next cycle. Investors and ingredient buyers now look to Fonterra’s opening farmgate forecast update in November to gauge early Southern Hemisphere spring production volumes.

  • SnackHQ Launches 100-Calorie Pick Me up Snack Bars in New Zealand

    SnackHQ Launches 100-Calorie Pick Me up Snack Bars in New Zealand

    Australian health and sports nutrition company SnackHQ launched its Pick Me Up snack bar range across New Zealand in September 2026. The lineup secured shelf space across New World and Pak’nSave supermarkets.

    Boxes arrive in stores in a 145-gram format containing five individual 100-calorie bars. They target shoppers seeking portion-controlled confectionery alternatives.

    Supermarket distribution across two banners

    Distribution covers selected New World and Pak’nSave outlets nationwide. The initial rollout includes four recipes: Choc Brownie, Choc Berry Burst, Cookies & Cream, and Caramel Fudge.

    SnackHQ built the range around strict 100-calorie portion caps. The strategy targets demand for lower-calorie treats that mimic traditional chocolate without full sugar loads.

    Trans-Tasman health snack competition

    The New Zealand launch pits SnackHQ against established domestic manufacturers and dominant multinational health brands. Shelf allocation in the snack bar category is tightly contested across Foodstuffs co-operatives and Woolworths New Zealand.

    Ranging across full-service New World supermarkets and discount Pak’nSave stores targets two distinct audiences. The company wants premium impulse shoppers and price-conscious families. Success will depend on converting trial purchases into repeat staples against cheaper house-brand muesli and protein bars.

    Following domestic Australian debut

    Australia served as the testing ground last year for the 100-calorie packaging format. SnackHQ built its foundation in sports nutrition products before spinning out dedicated everyday snacking formats.

    Crossing the Tasman serves as the first export step for the Australian business. Shared dietary regulations and retail formats will help scale manufacturing volumes.

    Category performance and shelf space targets

    Supermarkets across the region continue reallocating centre-aisle space away from high-sugar confectionery toward functional alternatives. SnackHQ must now prove sales velocity per linear metre to protect its initial ranging.

    Future growth hinges on whether Foodstuffs expands the four-flavour lineup into network-wide ranging across all North Island and South Island stores.

  • ChatGPT Directs Online Shoppers to Fraudulent Websites and Scams

    ChatGPT Directs Online Shoppers to Fraudulent Websites and Scams

    Generative artificial intelligence tools like ChatGPT are directing users to fraudulent websites and malicious online schemes, cybersecurity firm Eset warned on September 16, 2026.

    Eset NZ country manager Scott Leman reported that large language models are surfacing high-risk links, including fake online stores, cryptocurrency scams, and imitation login pages designed to steal user information.

    Unlike traditional search engines that rely on domain authority and indexing algorithms to filter out malicious content, AI search assistants summarise vast amounts of web data, occasionally prioritising compromised sources that contain phishing links.

    How Scammers Manipulate Scrapers

    Attackers generate mass quantities of keyword-stuffed copy to catch automated scraping cycles. This content funnels shoppers to malicious domains. Common traps include direct links, fake downloads, QR codes, and clone booking portals.

    Scammers also plant fake phone numbers and links inside forum threads and press releases. AI crawlers sweep up these entries, presenting them to users as verified customer support contacts.

    “Someone asks an AI tool for help, follows the link it provides and ends up on a fake login page, scam website or malicious download,” says Scott Leman, Eset NZ country manager.

    The Threat to Smaller Operators

    These routing errors create two commercial headaches for independent brands across the region. Authentic merchants lose customer traffic to copycat storefronts. Defrauded shoppers then direct their anger at the real brand.

    Risk falls hardest downstream. Big marketplaces maintain dedicated threat intelligence units. Smaller regional merchants run lean IT teams that cannot audit scrapers around the clock.

    Accelerating Exploitation Cycles

    Faster attack cycles make defense harder. Threat actors use automation to reverse-engineer software patches on the day developers release them. That shrinks the defensive window for digital storefronts.

    Brands that rely on passive domain registration and basic search optimisation now face clone sites within hours of launching new campaigns.

    Security teams are monitoring how OpenAI and rival search providers upgrade their link verification filters ahead of the peak holiday trading rush.

  • DB Breweries Rolls Out Draught Zero-Alcohol Beer to 300 Venues

    DB Breweries Rolls Out Draught Zero-Alcohol Beer to 300 Venues

    DB Breweries will install draught dispense systems for zero-alcohol beer across roughly 300 New Zealand hospitality venues ahead of the summer trading season.

    The nationwide deployment follows April pilot trials at two Auckland venues, the Empire Tavern and Moretons.

    Expanding Draught Dispense Beyond Packaged Formats

    Breweries across the Asia-Pacific region historically limited non-alcoholic lines to packaged bottles and cans. Keg stability and line hygiene constraints drove that approach. By introducing dedicated tap systems at scale, the brewer gives on-premise operators a direct draught alternative that mirrors standard beer service.

    DB Breweries managing director Peter Hart said the technology gives consumers choosing zero-alcohol beer an experience comparable to drinking conventional draught.

    Commercial Stakes for On-Premise Operators

    For bar and pub operators, draught zero-alcohol options command higher margins than single-serve bottles. They also keep non-drinking patrons in venue rounds longer. The model shifts zero-alcohol beer from a refrigerated afterthought into active tap lineups.

    Keg throughput and line maintenance remain the chief operational challenges. Non-alcoholic beer lacks the natural alcohol preservatives that protect against bacterial spoilage. Venues taking the hardware must maintain strict cleaning cycles to protect product quality across high-turnover summer taps.

    Scaling Up from Auckland Trials

    Operational feedback from the April trials at Empire Tavern and Moretons guided the rollout. Those tests measured equipment performance and pour rates, establishing dispense protocols before DB Breweries committed capital to a 300-site expansion.

    Technicians will install hardware across the 300 targeted venues over coming months, with all taps scheduled to pour before peak summer patronage begins.

  • Danone Launches YoPro High-Protein Yoghurt in New Zealand

    Danone Launches YoPro High-Protein Yoghurt in New Zealand

    Danone launched its high-protein yoghurt brand YoPro in New Zealand in September 2026. The rollout includes 15g and 20g protein formats manufactured at its Victorian processing site.

    An exclusive distribution deal with Foodstuffs North Island places the brand directly into the cooperative’s supermarket network.

    Protein formats and supply lines

    Standard YoPro pots and pouches contain 15g of protein per serve. The concentrated YoPro Perform line offers 20g per serve. Danone formulated both product tiers without added sugar or artificial sweeteners, targeting gym-goers and convenience shoppers seeking functional dairy.

    Supply ships across the Tasman from Danone’s manufacturing facility in Victoria’s Kiewa Valley. Using this established Australian base allows the dairy group to test New Zealand consumer demand without committing capital expenditure to local processing infrastructure.

    The exclusive grocery route

    The arrangement gives Danone immediate shelf space across high-volume banners including Pak’nSave and New World. For Foodstuffs, exclusive rights to an established Australian brand create a temporary point of difference against rival Woolworths New Zealand.

    Exclusivity deals carry operational trade-offs. Danone cuts its addressable market in half by bypassing Woolworths and South Island stores. That places the entire burden of brand adoption on a single cooperative’s promotional schedule.

    Battle for dairy shelf space

    This launch pits Danone against domestic dairy giants where Fonterra and boutique local processors dominate chilled cabinets. High-protein and low-sugar yoghurt has developed into a reliable growth pocket across Asia-Pacific dairy. It pulls consumers away from standard flavoured yoghurts that carry higher sugar loads.

    Danone spent several years building YoPro into a category leader in Australia before expanding the supply chain eastward. That playbook relies on heavy athletic marketing and high protein-to-calorie ratios to defend premium shelf pricing against private-label alternatives.

    Distribution now shifts to in-store execution across North Island supermarket chillers as Foodstuffs completes category resets for the spring retail cycle.

  • Woolworths to Shift 130 Support Roles from New Zealand to Australia

    Woolworths to Shift 130 Support Roles from New Zealand to Australia

    Woolworths plans to shift roughly 130 customer support roles from New Zealand to Australia as part of a restructuring across the Tasman.

    The proposal includes shuttering the retailer’s dedicated customer care centre in New Zealand to streamline operations across its grocery division.

    Cost Cuts and Centralisation

    Closing the customer care facility will save the business $4.1 million by the 2029 financial year. Woolworths plans to absorb these contact functions into its Australian network rather than maintaining separate customer support centres across both countries.

    Union officials pushed back immediately against the announcement. The Workers First Union condemned the proposal as “corporate greed”, warning that local staff are paying the price for trans-Tasman cost rationalisation.

    Regional Margin Pressure

    Supermarket operators across Australasia face persistent margin pressure from elevated operating costs and cautious consumer spending. Consolidating back-office and contact centre functions allows major grocers to trim overheads, mirroring broader retail trends across the region where administrative operations are pooled into single hubs.

    Consultation over the proposed customer care shutdown remains underway ahead of the company’s 2029 financial milestone.

  • Comvita Swings to NZ$7.7 Million Annual Profit on Honey Reset

    Comvita Swings to NZ$7.7 Million Annual Profit on Honey Reset

    New Zealand Manuka honey producer Comvita swung to a net profit after tax of NZ$7.7 million for fiscal 2026, rebounding from a NZ$104.8 million loss a year earlier.

    Operating profit reached NZ$14 million for the twelve months ended June 30, reversing a NZ$29 million operating deficit booked during the previous financial year.

    Margin Recovery and Cost Discipline

    Gross profit climbed 38.8 per cent to NZ$114.8 million across the period. That performance expanded the group gross margin to 53.9 per cent as efficiency measures took hold across manufacturing and inventory handling.

    The return to the black follows an intensive reset programme that targeted operational costs after heavy inventory impairments and market softness damaged earnings in fiscal 2025.

    Asia Demand and Export Execution

    Comvita built its business on premium functional food demand across Greater China, Southeast Asia and North America. Premium specialty honey brands in the region spent the past two years battling cautious consumer spending, cross-border channel resets and distributor destocking across East Asian department stores and cross-border platforms.

    Market attention now turns to export volume trends in Asian retail channels over the first half of fiscal 2027 to verify whether the margin gains hold up in core consumer accounts.

  • One New-Zealand and 2Degrees Form Joint Entity to Share Mobile RAN Infrastructure

    One New-Zealand and 2Degrees Form Joint Entity to Share Mobile RAN Infrastructure

    One New Zealand and rival operator 2degrees will merge their mobile radio access network infrastructure into a jointly owned venture, pooling physical assets across the country.

    The agreement consolidates towers, antennas and base station equipment from both carriers into a single operational entity while keeping retail operations and core networks separate.

    Pooling Capital and Network Sites

    Under the planned arrangement, the two carriers will run their shared radio access network (RAN) through the new entity to cut duplicate capital expenditure and accelerate the rollout of newer wireless standards. Combining site portfolios expands coverage reach and deepens network redundancy without requiring each carrier to build standalone duplicate towers across challenging topography.

    Shared infrastructure models have gained traction across Asia-Pacific as regional operators face elevated spectrum costs and heavy 5G capital requirements. In markets like Australia and Malaysia, regulators and telcos have turned to shared active networks and wholesale single networks to protect cash flow while meeting coverage mandates.

    Operational Focus and Regulatory Steps

    One NZ indicated the structural separation allows both operators to redirect capital toward customer-facing platforms, core network features and digital services rather than tower hardware. Both companies will continue to market their mobile plans independently and compete for subscriber share across consumer and enterprise segments.

    The transaction remains subject to formal regulatory reviews and commercial approvals in Wellington before the joint business begins operational integration.

  • The Warehouse Starts Turnaround Push Across 84 New Zealand Stores

    The Warehouse Starts Turnaround Push Across 84 New Zealand Stores

    The Warehouse rolled out a nationwide brand campaign across 84 stores in New Zealand on August 23, targeting market leadership through an operational turnaround.

    Created with advertising agency TBWA New Zealand, the campaign runs under the banner This Is Warehouse Country across television, digital channels, social media, outdoor billboards, and in-store displays.

    Rebuilding Market Position

    The push anchors a broader transformation program at the discount department store group. Content in the campaign draws on four decades of customer milestones and household memories to rebuild foot traffic and loyalty across the store network.

    Trading conditions across Australasia have forced discount operators to defend value credentials as supermarket chains and global online platforms squeeze general merchandise margins. The Warehouse previously relied on category expansion and price promotions to protect market share, but the latest shift centers on core brand equity.

    Execution Across Network

    All 84 branches are participating in the rollout, aligning physical merchandising with national broadcast assets. The group continues to recalibrate its wider store fleet and merchandising mix under the ongoing restructuring plan.

  • Normanby Fine Wine & Spirits debuts in Auckland with a twist on wine retail

    Normanby Fine Wine & Spirits debuts in Auckland with a twist on wine retail

    Auckland recently welcomed the latest innovation in wine retailing, the Normanby Fine Wine & Spirits experience-driven concept store. Situated in Mount Eden, the store ushers in a new era of retail, reimagining the traditional wine and spirits shopping experience with the introduction of fresh food and beverages.

    The store has been masterminded by seasoned wine connoisseur Liz Wheadon, who has infused the space with a unique hybrid appeal. It operates as a retail store, wine bar, and café, supplemented with a private tasting room and an art gallery interior.

    At Normanby Fine Wine & Spirits, customers can browse a selection of over 1300 wines, spirits, sakes, and craft beers. Many of the items in their collection are exclusive to Normanby, a testament to the strong industry relationships they’ve cultivated with producers over the years.

    Liz Wheadon, who also doubles as the director of wine at Webb’s, shared the inspiration behind the store. She emphasized that the vision was to design a place that hadn’t previously existed, where choosing and buying wine, spirits, and sake could be an enjoyable, approachable, and genuinely intriguing experience, regardless of a customer’s taste or budget. She further echoed the team’s enthusiasm for introducing this innovative approach to fine wine and spirits retail.

    The store has been tastefully designed, complete with art pieces and furniture, all curated by The Estate at Webb’s and available for purchase. During the day, the café serves coffee, pastries, and light meals. In the evenings, the wine bar offers pre-batched cocktails crafted by Theo Tjandra, a past mixologist at Panacea.

    The private tasting room, named La Cave, can accommodate up to 15 guests and can be booked for intimate events, custom experiences, and private celebrations.

    Looking ahead, the brand plans to extend the unique retail concept of Normanby Fine Wine & Spirits to various regional locations throughout New Zealand.

    Questions & Answers

    What does Normanby Fine Wine & Spirits offer customers?
    They offer a unique retail experience, selling fine wines, spirits, sake, and craft beers. The concept store doubles as a café serving light meals, coffee, and pastries during the day, and in the evening it becomes a wine bar offering pre-batched cocktails.

    What are some unique features of the Normanby Fine Wine & Spirits store?
    The store operates as a café and wine bar, in addition to being a retail store. It also houses a private tasting room and an art gallery interior, offering curated art and furniture for purchase.

    What are the brand’s future expansion plans?
    The brand plans to extend the retail concept to various regional locations across New Zealand, introducing the Normanby Fine Wine & Spirits experience to a wider audience.

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  • Costco and DoorDash to deliver groceries to the doors of Aucklanders

    Costco and DoorDash to deliver groceries to the doors of Aucklanders

    Costco has teamed up with DoorDash to deliver its range of groceries and household essentials to homes in Auckland at bulk-saving rates.

    The partnership will enable Costco members and non-members to get everything from toilet paper to fresh fruits and vegetables or premium poultry and meat delivered to their homes.

    “We’re always looking for ways to make everyday shopping easier, and our partnership with Costco means Aucklanders can now get incredible value and quality delivered straight to their doorstep,” said DoorDash New Zealand GM Bradley Thomas.

    To launch the new partnership, New Zealand customers will receive NZ$20 off their first Costco order when they spend $150 or more.

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  • AirAsia X adds three new routes

    AirAsia X adds three new routes

    AirAsia X confirms its latest services to Melbourne (Tullamarine), and Perth in Australia and Auckland in New Zealand will launch on 1 November 2022.

    The three new services boost the airline’s routes to 13. It is already serving  Sydney, New Delhi, Seoul, Tokyo, Sapporo, Osaka and Honolulu, as well as London, Dubai and Istanbul.

    AAX will recommence its services to Melbourne (Tullamarine), Perth and Auckland (via Sydney) with three weekly flights starting in November and gradually increasing to daily flights by the first quarter of 2023.

    On the AirAsia Super App and website, the starting fare to Perth is MYR 499, to Melbourne  MYR699 and Auckland MYR999 (inclusive one-way economy). Premium Flatbed fares start from MYR1,999 to Perth, MYR2,999 to Melbourne and MYR5,999 to Auckland.

    Guests flying to Kuala Lumpur can also enjoy all-in value fares one way from AUD209 from Perth, AUD359 from Melbourne, and NZD499 from Auckland in economy class.

    AAX also flies from Kuala Lumpur to Sydney with all-in fares from MYR899 (economy) and MYR2,799 (Premium Flatbed) one-way.

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  • Auckland Airport to build outlet mall with 100+ stores

    Auckland Airport to build outlet mall with 100+ stores

    Auckland International Airport has posted an after-tax profit of $464.2m for the year to June 30, while also announcing plans to build a retail precinct with 100 stores that is expected to create 500 new jobs.

    Although its after-tax profit was up 139 percent on the previous year’s $194m profit, the airport made an underlying loss of $41.8m, its first full year underlying loss in history. The underlying loss was in line with the guidance the airport gave at the start of the year.

    The airport says underlying profit is how it measures its financial performance because it removes revaluation changes that can distort financial results or where one-off transactions, both positive and negative, can make it difficult to compare profits between years.

    The airport also recorded its lowest number of international arrivals and departures since 1972, with just 600,000 passengers, including transits, down 93 percent on the previous year.

    Total passenger numbers were 6.4 million, down 59 percent on the previous financial year.

    Shares in Auckland Airport closed at $7.10 on Wednesday. During New Zealand’s alert level 4 lockdown at the start of the Covid-19 pandemic, they dropped to about $5 per share.

    The new retail precinct would involve the development of a 23,000 square metre-plus outlet centre on undeveloped land at the north-eastern edge of the airport.

    “Premium and lifestyle brands” will be sold “at often heavily discounted prices”, the company said.

    The airport’s general manager of property and commercial Mark Thomson said there was a gap in the market for a purpose-built fashion outlet centre and the airport had been exploring the concept for several years.

    “It will be the first of its kind in New Zealand, offering an exciting new shopping experience for Kiwis and travellers arriving at and departing from the airport,” Thomson said.

    “Many New Zealanders will be familiar with visiting this type of bespoke fashion outlet shopping centre on trips overseas.”

    A start date for construction was not given.

    Thomson said development would be influenced by the strength of the retail market and the recovery of aviation.

    Auckland Airport chief executive Adrian Littlewood said the 2021 financial year had been a year like no other for the company, and it was giving permanent staff $1500 in airport shares to thank them for their efforts over the past year.

    “Covid-19 changed our business overnight bringing constant upheaval to almost every part of our operation,” Littlewood said.

    “But throughout all the uncertainty of the past 18 months, our team’s determination to get the job done and go the extra mile for New Zealand has never faltered.”

    The airport had taken steps to strengthen its financial position including reducing operating expenses, repaying $425m in US private placement borrowings, and getting bank approval to renew a $700m loan, he said.

    The airport last week said it would start work on a $1 billion-plus project to merge its domestic jet operations with its international terminal early next year as one of four anchor projects being advanced.

    Four major projects are still on hold including its expanded international airfield and taxiway capacity, new cargo precinct, new international arrivals area and a second runway.

    Auckland Airport held more conservative assumptions than those of the International Air Travel Association, which was forecasting global travel to fully recover and exceed pre-pandemic levels in 2023.

    Littlewood said a full recovery may take longer.

    “Our financial performance is strongly linked to passenger volumes, so our recovery will be greatly influenced by the return of domestic and international travel and changes in border settings.”

    There were encouraging signs with vaccination programs ramping up in New Zealand and around the world, he said.

    “But we expect to see further volatility in domestic and international travel in the short term, with the global aviation market gradually rebuilding in 2022.”

    Due to uncertainty in the market, Auckland Airport would not provide underlying earnings guidance for the 2022 financial year, Littlewood said.

    Investment in transport infrastructure projects and upgrades would continue and was expected to cost between $250m and $300m in the 2022 financial year.

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