MAp reports 5.4% revenue increase; Liverpool Airport reports largest PAX increase of any UK airport
Australia's MAp (-1.7%) shares fell slightly on Tuesday (24-Aug-2010). The airport operator also reported a revenue increase of 5.4% among financial highlights for the six months ended 30-Jun-2010:
- MAp, the Australian airport operator, reported a 5.4% increase in revenue for the six months ended 30-Jun-2010.
- Sydney Airport, operated by MAp, experienced a revenue growth of 11.9% during the same period.
- MAp's operating costs decreased by 11.9%, leading to a 15.0% increase in EBITDA.
- MAp reported a net profit of USD17.4 million, compared to a loss of USD265.2 million in the previous year.
- Liverpool John Lennon Airport in the UK witnessed the largest increase in passenger numbers among all UK airports, with a 6.4% YoY growth.
- European airport shares experienced mixed performance, with Aeroporto di Venezia and Hochtief witnessing a decline, while Autogrill and Copenhagen shares rose slightly.
- Revenue: USD425.9 million, +5.4% year-on-year;
- Sydney Airport: USD296.5 million, +11.9%;
- Copenhagen Airport: USD87.1 million, +11.5%;
- Brussels Airport: USD86.6 million, -1.2%;
- Operating costs: USD432.2 million, -11.9%;
- EBITDA: USD340.1 million, +15.0%;
- Sydney Airport: USD240.5 million, +12.7%;
- Copenhagen Airport: USD48.6 million, +19.1%;
- Brussels Airport: USD46.2 million, +1.6%;
- Profit (loss) before tax: (EUR40.6 million), compared to a loss of EUR331.9 million in p-c-p;
- Net profit (loss): USD17.4 million, compared to a loss of USD265.2 million in p-c-p;
- Net operating cash flow: USD375.7 million, +13.5%;
- Total assets: USD12,962 million, -1.7% when compared to period ended 31-Dec-2009;
- Cash and cash equivalents: USD1,018 million, -21.3% when compared to period ended 31-Dec-2009;
- Total liabilities: USD7,865 million, +0.3% when compared to period ended 31-Dec-2009.
- *Based on the conversion rate at USD1 = AUD1.12917
MAp: "The boards and management believe that MAp is well-positioned to continue to benefit from the key structural changes in the aviation industry such as the introduction of new aircraft technology, the growth of both low cost carriers and global airline alliances and the continuing liberalisation of air rights. In addition, the near term traffic outlook is strong. MAp's active management model will continue to deliver a combination of aeronautical and commercial initiatives, together with an ongoing focus on costs. This will result in continued operational leverage and economies of scale," Company statement. Source: MAp, 25-Aug-2010.
See related CAPA profile: Financial results
UK's unlisted Liverpool John Lennon Airport announced a report by RDC Aviation found the airport had the largest increase in passenger numbers of any UK airport in the first four months of this year compared with the same period in 2009. A total of 89,050 more passengers used JLA over the period, the greatest increase in passenger numbers for any UK airport, up 6.4% year-on-year.
In terms of scheduled passengers, Liverpool now moves into eighth place in the table of the busiest UK airports, with almost 1.5 million passengers having used the airport by the end of Apr-2010. To accommodate the growing passenger numbers, work on a GBP12 million development programme continues. Expansion of the airport's departure lounge is expected to be completed by autumn 2010.
See related CAPA profile: Traffic and capacity
European shares which also fell on Tuesday include Aeroporto di Venezia (-5.9%), Hochtief (-3.4%) and Aeroporto Toscano (-1.7%). Meanwhile, Autogrill (+0.6%) and Copenhagen (+0.2%) shares rose.
Selected airports daily share price movements (% change): 24-Aug-2010
