Sydney Airport reports its first quarterly EBITDA growth since 3Q2008, ASUR revenue up, EBITDA down

Sydney Airport’s results three months ended 30-Sep-2009 showed a general recovery, reporting a 6.3% year-on-year increase in EBITDA, its first quarter of growth since 3Q2008, on the back of a 0.9% growth in traffic. The airport reported strong revenue growth of 4.6%, led by a 8.1% increase in aeronautical revenue and increases in retail and commercial revenue of 1.9% and 3.6%, respectively.

The airport also reported a 27.9% decline in capital expenditure during the period, due to the continued restricted availability of capital.

Infratil’s investment airports continue to report mixed traffic results

New Zealand’s infrastructure company, Infratil, saw its shares fall 1.2% on Friday, after reporting mixed traffic results for its investment airports in Sep-2009. Wellington Airport continued to report traffic growth (+1.5% year-on-year, to 421,000), but its European airport, Glasgow Airport, saw more sharp declines in Sep-2009 traffic (-28.3%, to 154,000). The small Lübeck Airport saw growth of 34%, to 68,500 passengers for the month.

At Asia Pacific airports, Hainan Meilan International Airport’s shares soared 8.1% while Australian Infrastructure Fund’s shares jumped 4.4%.

Mexican airports’ results reflect a tough 3Q2009, as traffic continues to suffer from the lingering impact of Swine fly.

Mexico’s airport operators, OMA and ASUR ended the week on a low, falling 2.8%, 1.9% and 0.1%, respectively, after reporting falling revenue and profit last week.

ASUR reported a slight decrease in EBITDA on the back of a 2.7% reduction in revenue while OMA saw a 1.6% decline in revenue. OMA reported a 2.6% increase in 3Q2009 EBITDA, but a 17.1% fall in net profits for the period.

Selected airports daily share price movements (% change): 23-Oct-09

Source: Centre for Asia Pacific Aviation & Yahoo! Finance