AIRPORT OWNER TARGETS CAIRNS INTERNATIONAL
22 November 2008
by Mike Bruce chief reporter
GOLD Coast Airport owner Queensland Airports may be a bidder for Cairns International Airport which is being sold by the State Government.
Managing director of Queensland Airports Dennis Chant declined to confirm if the company was in the mix, but sources have told The Bulletin that Coolangatta was definitely interested in bringing Cairns into its stable.
While prevented from revealing any intention to bid for the airport, Mr Chant said Cairns would certainly fit the company's profile.
``Strategically, any airport on the east coast would be a good thing for us, but at this stage we are pretty well flat out running the three we already own,'' said Mr Chant.
``Look, I've heard every name from the United Arab Emirates, to Macquarie, to our own shareholders.''
Macquarie Airports, which operates Sydney Airport, has been tipped as a possible buyer of Cairns International. Queensland Airports operates airports at Mt Isa, Townsville and the Gold Coast.
Coolangatta is the largest with almost 72 per cent (4.28 million) of the company's total passengers in the 2008 financial year.
The company posted revenue of $64.2 million in the 2007 financial year. While Cairns International has fewer passengers than the Gold Coast - 3.856 million - it had revenue of $78.74 million in the 2008 financial year.
Sale price estimates of up to $350 million had been suggested when the Government announced the sale in April.
However, that may have been affected by the global financial meltdown and the huge reduction in Qantas's Japan flights through the airport.
State Treasurer Andrew Fraser also declined to confirm if the Gold Coast Airport's owner was in the mix.
``I will not comment on potential bidders for Cairns Airport due to the need to not reveal to competing bidders who they are competing against,'' said Mr Fraser.
``We remain on track to reach financial close by the end of the year.
Copyright 2008 News Ltd. All Rights Reserved
The Gold Coast Bulletin
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