MAp prepares for a solitary life at Sydney; AIX sees strong and consistent EBITDA growth
Two of Australia’s most significant operators/investors, MAp Airports and Australia Infrastructure Fund (AIX) have recently released their financial results for the six months (MAp) and 12 months (AIX) to 30-Jun-2011, respectively. While MAp repositions to concentrate on Sydney, AIX, which retains a small interest there for now via Hochtief Airport Capital, reports strong EBITDA growth at all but one of its invested Australian and foreign airports.
In the case of MAp, the period was one of transition as it negotiated the asset swap arrangement with Canada’s OTPP, which will navigate it away from involvement in Europe towards a refocus on Australia and especially Sydney. Copenhagen and Brussels airports were very much part of the portfolio during the reported period. According to CEO Kerrie Mather the (1H2011) period was one in which “MAp delivered a strong operational and financial performance". Pro forma EBITDA grew 4.1% and each of the airports achieved traffic growth in a challenging environment which has included multiple natural disasters in the Asia-Pacific, and unrest in the Middle East and North Africa. [2277 words]
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