MAp down despite “strong” growth prospects, Vienna Airport remains low on revenue declines


Shares in Macquarie Airports fell 2.5% yesterday following the release of its 1H2009 financial results, while Vienna Airport's shares fell 2.3% after it reported revenue declines of over 10% also in 1H2009.

Macquarie Airports lost the ground it gained on the previous trading day (+2.6%) after reporting 4.3% reductions in 2Q2009 and 1H2009 revenues, respectively, led by its foreign airport portfolio, which all reported double-digit declines in EBITDA. MAp's major airport asset, Sydney Airport, registered a 1.8% and a 2.0% increase in revenue and EBITDA, respectively, for the six months ended 30-Jun-2009.

MAp maintains that although growth prospects for the aviation industry remain strong, it expects traffic at its European airports to report a full year decline.

Elsewhere in the region, shares in Chinese airports bounced back yesterday after over a week of declines.

Flughafen Wien Group's financial results for the six months ended 30-Jun-2009 showed a 10.3% decline in revenues - attributable to falling passenger traffic. According to the airport operator, latest preliminary traffic results for Vienna Airport are showing signs of further decline.

Shares in European airports were generally up yesterday with construction company, Hochtief, leading the increase, surging 6.1%.

Selected airports daily share price movements (% change): 20-Aug-2009

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