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Shenzhen reports strong net profit increase, Autogrill profits fall

5-Mar-2010

China’s Shenzhen Airport reported a strong net profit increase for 2009, +134.9% to USD84.2 million, on a 9.7% year-on-year increase in operating revenue to USD234.4 million. During 2009, passenger numbers rose 14.4% year-on-year to 24.5 million, while cargo volume remained virtually flat at 605,200 tonnes (+1.2% year-on-year).

Shenzhen Airport shares were down 2.4% yesterday, as the operator released this report. A bidding war looks like erupting over the airport's main customer, Shenzhen Airlines, between Air China and China Southern Airlines.

Shares China’s Xiamen Airport led the way down yesterday (-6.1%)

Autogrill declines on 55.8% net profit reduction

Shares in Italy’s Autogrill closed 2.8% lower yesterday, upon the release of the company’s financial report for 2009. In the 12 months ended 31-Dec-2009, net profit fell 55.8% year-on-year to EUR37 million. Overall revenue dipped 1.1% to EUR5,728 million, while EBITDA rose 3.4% year-on-year to EUR606.3 million.

Autogrill stated it will stay focused on profitability, the efficient use of resources and cash flow generation in 2010. While traffic is up, Autogrill sees the market as remaining highly volatile. In the first eight weeks of 2010, sales are up 2.7% year-on-year at a constant exchange rate and up 3.5% on a comparable basis.

According to Autogrill, the “best case" indicates more growth in American airports and a moderate recovery of traffic in UK airports and Italian motorways, while Spanish airport traffic would be flat. The "worst case" indicates a more modest recovery in US airports, traffic on Italian motorways and in UK airports in line with 2009 and a slight contraction in Spain.

ASUR Feb-2010 traffic down

In Mexico, Grupo Aeroportuario del Sureste (ASUR) reports a 6.9% reduction in passenger numbers, led by an 11.6% decline in domestic traffic in Feb-2010. ASUR’s shares were up 1.4% yesterday. Also in Mexico, OMA shares surged 7.4% yesterday.

Full financial and traffic reports for Shenzhen Airport, Autogrill and ASUR are contained in today’s edition of Airport Business Daily.

Selected airports daily share price movements (% change): 04-Mar-2010


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