Dufry declines on European uncertainty, despite revenue and EBITDA improvement in first quarter

Shares in Switzerland’s Dufry lost a further 1.4% yesterday, following a 5.2% drop on Wednesday, despite a positive earnings performance in the three months ended 31-Mar-2010. Dufry released its financial highlights yesterday.

EBITDA jumped 11.5% year-on-year to EUR45.0 million on a 8.5% rise in revenue to EUR406.3 million in the period. Cost of sales was up 5.8% year-on-year to EUR176.4 million, while EBIT rose 27.3% to EUR22.0 million. Dufry reported a net profit of USD5.8 million, a turnaround for a loss of EUR1.3 million in the previous corresponding period.

European airport shares continued their downward run yesterday with investor uncertainty about the eurozone economic outlook and potential future ash cloud-related airspace closures.

MAp and Hochtief reduced over 2.0%, Fraport and AdP declined over 3.0%, Ferrovial fell 4.0%, while TAV Airports dropped 5.9%.

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Selected airports daily share price movements (% change): 20-May-2010