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BAA’s cargo volume up by 17.9%; Copenhagen Airports revenue increases by 16.9%

Analysis

UK's unlisted BAA reported on Tuesday (10-Aug-2010) its passenger numbers were up slightly (0.3%) among its traffic highlights for Jul-2010.

Summary
  • BAA's passenger numbers in July 2010 increased by 0.3% compared to the previous year.
  • London Heathrow saw a growth of 3.5% in passenger numbers, while London Stansted experienced a decline of 7.2%.
  • Cargo volume at BAA airports increased by 17.9%, with Heathrow and Stansted showing growth rates of 19.1% and 16% respectively.
  • The total number of aircraft movements at BAA airports decreased by 0.4%, with Heathrow experiencing a slight increase of 2.9% and Stansted a decline of 8.7%.
  • Copenhagen Airports reported positive financial results for the three and six months ended June 2010, with revenue and profits showing year-on-year growth.
  • TAV Airports Holdings reported a 25% increase in revenue for the six months ended June 2010, along with a 13% growth in passenger numbers.
  • Passenger numbers: 10.9 million, +0.3% year-on-year;
  • Cargo volume: 150,417 tonnes, +17.9%;
  • Aircraft movements: 85,515, -0.4%;

See related CAPA profile: Traffic and capacity

Copenhagen Airports (+0.2%) shares rose slightly after reporting the following financial highlights:

  • Three months ended Jun-2010:
    • Revenue*:USD158.4 million, +16.9% year-on-year;
    • EBITDA: USD93.8 million, +15.8%;
    • Profit before tax: USD54.6 million, +9.4%;
    • Net profit: USD38.9 million, +5.2%;
    • Passenger numbers: +1.3%.
  • Six months ended Jun-2010:
    • Revenue*: USD282.3 million, +12.5%;
    • EBITDA: USD152.2 million, +18.9%;
    • Profit before tax: USD84.6 million, +22.1%;
    • Net profit: USD61.8 million, +19%.
    • Passenger numbers: 9.9 million, +5.7%.

*Based on the conversion rate at USD1 = DKK5.68

TAV Airports Holdings (+2.3%) stated revenue was up 25% among its consolidated financial highlights reported for the six months ended Jun-2010:

  • Revenue*: USD472 million, +25% year-on-year;
  • Net profit: USD9.3 million;
  • Passenger numbers: +13%.

See related CAPA profile: Financial results

Selected airports daily share price movements (% change): 10-Aug-2010

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