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Airport shares finish week higher

21-Mar-2011

China's Beijing Capital and Shenzhen airports have both reported strong net profitability for 2010, with Beijing earning USD90.6 million and Shenzhen reporting a net profit of USD108.7 million. Airline shares mostly finished the week stronger, notably Australia's MAp and Australian Infrastructure Corp, both of which have broad airport holdings globally.

 Beijing Capital Airport financial highlights for the 12 months ended 31-Dec-2010:

  • Revenue*: USD879.2 million, +16.4% year-on-year;
    • Aeronautical: USD542.0 million, +13.8%;
    • Non-aeronautical: USD337.2 million, +20.8%;
      • Concessions: USD212.6 million, +25.0%;
      • Rentals: USD114.1 million, +14.2%;
      • Car parking: USD6.2 million, +27.4%;
      • Management service fee: USD3.1 million, +217.7%;
  • Operating profit: USD228.9 million, +6.1%;
  • Profit before tax: USD120.7 million, +99.8%;
  • Net profit: USD90.6 million, +101.1%;
  • Passenger numbers: 73.9 million, +13.1%;
  • Cargo volume: 1.6 million tonnes, +5.1%;
  • Aircraft movements: 517,584, +6.0%.

* Based on the conversion rate USD1 = CNY6.5704

 Shenzhen Airport  financial highlights for the 12 months ended 31-Dec-2010:

  • Revenue: USD289.1 million, +14.2% year-on-year;
  • Operating profit: USD126.4 million, +15.9%;
  • Net profit: USD108.7 million, +24.2%;
  • Total assets: USD994.8 million, +12.9%;
  • Total liabilities: USD103.7 million, -28.4%;
  • Passenger numbers: 26.7 million, +9.1%;
  • Cargo volume: 808,800 tonnes, +33.6%;
  • Aircraft movements: 216,900, +7.0%.

Selected ABD daily share price movements (% change): 18-Mar-2011


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