23-Apr-2010 3:46 PM

MAp aeronautical revenue surges 17.8% in 3QFY2009/10: Airport share wrap

Shares in MAp dipped 0.3% yesterday ahead of the release of its financial and traffic report for Sydney International Airport for the three months ended 31-Mar-2010. Total airport revenue rose 11.7% year-on-year to USD211.6 million, led by a 17.8% surge in aeronautical revenue to USD88.1 million. Revenue from aeronautical security recovery was the only category to decline, down 1.4% year-on-year to USD16.5 million in the quarter.

Additional revenue details include:

Retail: USD47.6 million, +10.0%;
Property and car rental: USD34.5 million, +7.7%;
Ground transport and commercial services: USD23.9 million, +11.0%;
Other: USD1.1 million, +1.3%;
Revenue per passenger: USD24.21, +2.1%.

MAp reported a 13.1% year-on-year gain in EBITDA to USD173.2 million for the three months ended 31-Mar-2010, while operating costs rose 7.3% to USD38.3 million.

MAp CEO, Kerrie Mather, stated the result was driven by the strong rebound in traffic. Particularly pleasing was international traffic, up 11.8% on the previous corresponding period, reflecting the increase in demand from both leisure and business passengers.

Shares in the company have declined a further 0.33% in early trade on the ASX today.

Ferrovial (-3.5%) earlier this week announced losses of nearly EUR6 million each day the London airports were closed. Aeroporto di Firenze shed 2.4%. Abertis meanwhile was down 2.1%; its Luton Airport losses from the airspace closure were more than offset by increased usage of its European tollroads.

Airport Business Daily – your strategic airport news updates service – contained the full financial and traffic report for Sydney International Airport today. Other financial/traffic headlines today include:

ASUR revenue down 1.5%, EBITDA down 2.9% in 1Q2010;
Kuwait Airport reports 6% rise in Mar-2010 pax numbers;
Suvarnabhumi Airport reports 6% drop in pax numbers during Songkran holiday period;
Newark Liberty International Airport reports 3.6% drop in Feb-2010 pax numbers;
Raleigh-Durham Airport reports 5.2% rise in Mar-2010 pax numbers
Calgary International Airport reports 4.4% drop in Feb-2010 pax numbers.

Selected airports daily share price movements (% change): 22-Apr-2010