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Copenhagen Airport shares sold off as traffic wilts, Beijing and Vienna also down

Copenhagen Airports CEO, Brian Petersen
Copenhagen Airports CEO, Brian Petersen

Copenhagen Airport handled just 94,000 domestic passengers in Dec-08, down 22% year-on-year as traffic continues to be affected by Sterling's failure last year. International traffic slipped 7.2% to 894,000, while transfer passengers were down 12.2% to 341,000, taking the overall figure last month to 1.3 million, down 9.8%. The airport's shares fell 7.4% yesterday as investors digested the news and the outlook.

Majority shareholder, Macquarie Airports (MAp), has stated the lost Sterling capacity will be more than replaced, with 254 new weekly services announced for peak Summer 2009, compared to the 202 weekly services operated by Sterling in July last year. However, the capacity is still some months away.

Elsewhere, Beijing Airport's shares fell 5.3% and Vienna dipped 4.1%. AdP was under pressure again following this week's Air France-KLM's profit warning, falling a further 2.5% yesterday.

Selected airports daily share price movements (% change): 21-Jan-09

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