Macquarie Airports falls again, Hochtief higher, Fraport steady - Share Wrap

Macquarie Airports' shares could snap their losing streak today, with a 3.8% gain in early trade in Sydney after heavy falls earlier in the week, including yesterday's 1.6% fall. Sydney Airport could be the next expansion target for Kuala Lumpur-based AirAsia X, according to local reports.

Elsewhere, Fraport was virtually steady as investors digest this week's profit report.

ACI-EUROPE has confirmed its forecast for a 5% fall in passenger traffic at member airports in 2009. Director General, Olivier Jankovec, stated "these are difficult times for all Europe. For the first time in year, air traffic growth has stopped". Latest traffic figures tracked by Airport Business Daily from Vienna (shares -3.9% yesterday) and Zurich (+0.4%) confirm Mr Jankovec's comments.

Austria's Vienna International Airport reports (14-May-09) the following traffic highlights in Apr-2009:

  • Passenger numbers: 1.5 million, -9.5% year-on-year;
  • Cargo volume: 18,843 tonnes, -16.1%;
  • Aircraft movements: 19,778, -12.6%.

Switzerland's Zurich Airport reports (14-May-09) the following traffic highlights in Apr-2009:

  • Passenger numbers: 1.8 million, -0.7% year-on-year;
  • Aircraft movements: 21,544, -5.3%;
  • Cargo Volume: 27,036 tonnes, -21.2%.

Selected airports daily share price movements (% change): 14-May-09

Germany's Hochtief reports (14-May-09) the following financial highlights for the three months ended 31-Mar-09:

  • Revenue: EUR4,402 million, +15.8% year-on-year;
  • Operating costs:
    • Materials: EUR3,149 million, +12.9%;
    • Labour: EUR844 million, +22.9%;
  • Operating profit: EUR69 million, +176.0%;
  • Profit before tax: EUR99 million, -4.6%;
  • Profit after tax: EUR64 million, -6.9%;
  • Hochtief Concessions Division:
    • New orders: EUR4.6 million, -60.0%;
      • Hochtief AirPort: EUR3.2 million, +45.5%;
    • Work done: EUR38.9 million, -0.3%;
      • Hochtief AirPort: EUR3.2 million, +45.5%;
    • Order backlog: EUR786.2 million, +18.2%;
    • EBITDA: EUR20.1 million, -40.7%;
      • Hochtief AirPort: EUR21.3 million, -22.3%;
    • Profit before tax: EUR10.2 million, -62.9%;
      • Hochtief AirPort: EUR13.2 million, -42.9%;
    • Capital expenditure: EUR18.9 million, +410.8%;
      • Hochtief Airport: EUR18.5 million, n/a.

Hochtief: "The financial crisis and its economic repercussions are impending the further development of our airports... overall, the HOCHTIEF Concessions division still expects profit before taxes for 2009 to fall well short of the prior year figure," Company statement. Source: Hochtief, 14-May-09.