QAC confirms new Statement of Intent by October

From the Queenstown Airport Corporation.

"Queenstown Airport Corporation (QAC) will submit a revised Statement of Intent (SOI) to Queenstown Lakes District Council (QLDC) in October 2020.
 
At today’s full council meeting, QLDC elected members agreed to accept the Statement of Intent in its current form, with the inclusion of a disclaimer advising that the bulk of information contained in the document is based on a pre-COVID-19 environment.  By accepting the SOI, councillors have enabled QAC to satisfy legislative requirements and focus on issues of immediate importance related to the impact of COVID-19 on the business, its staff and the community. 
 
As the majority shareholder accepted QAC’s commitment to deliver a revised Statement of Intent in October, which will more accurately reflect the impact of COVID-19 on the company over the next three years.
 
The purpose of this approach is two-fold.  First, it allows QAC to respond to the immediate COVID-19 crisis, stabilise the business and support its staff through the process.  It also provides an appropriate timeframe for QAC to work with airline partners, the broader airport community and other key stakeholders to evaluate the long-term impacts of COVID-19 and reframe its strategic direction in this context. 
 
QAC Acting Chair, Mrs Adrienne Young-Cooper thanked the councillors for their support and pragmatism.
 
“This is a challenging time for everyone, and we very much appreciate the balanced approach taken by our shareholders. 
 
“The outbreak of COVID-19 has changed the aviation, travel and tourism sectors virtually overnight, and like many organisations across the region and nation, our business has been severely impacted.
 
“At the moment, the situation remains fluid with no scheduled domestic or international services operating at Queenstown Airport and the many airport businesses unable to re-open. 
 
“Our mission is to safeguard the core capability of QAC to operate airports for the Southern Lakes region by keeping the business financially stable, supporting our people, our community and preserving our ability to recover,” said Mrs Young-Cooper.
 
QAC has put its capital programme outlined in the SOI on hold for the time being, until an amended SOI is prepared.  It will not complete its long term development planning, as intended, for either Queenstown or Wanaka airports in FY 2021. 
 
The revised SOI will include a revised business strategy and address the impacts of COVID-19 on financial performance, key initiatives and the long-term planning for both airports."