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Solid results for Sydney Airport operator but questions remain over future infrastructure


Australia's Southern Cross Airport Holdings Ltd (SCAHL), operator of Sydney Airport, has reported resilience to a difficult external environment and solid across-the-board gains in the 12 months to 31-Dec-08, but the owners appear reluctant to commit to the future infrastructure requirement that airlines like Qantas regard as necessary. Meanwhile, Tiger Airways is again talking to the airport about entering the market. [1530 words]

Unlock the following content in this report:


  • "A resilient operating model" - Mather
  • "If the conditions are right... we will fly into Sydney" - Tiger's Davies
  • Tiger Airways heavily influenced by Ryanair
  • Sydney valuation soars to AUD11 billion
  • Reluctance to build
  • Crunchtime approaches

Graphs and data:

  • SCHAL financial highlights for the 12 months ended 31-Dec-08 All AUD, millions
  • Sydney Airport revenue and EBITDA margin: 1Q06 to 4Q08
  • Sydney Airport passenger numbers and EBITDA margin: 1Q06 to 4Q08
  • Sydney Airport passenger numbers growth and total revenue growth: 1Q07 to 4Q08
  • Sydney Airport passenger numbers growth and EBITDA per passenger: 1Q07 to 4Q08 Sydney Airport CAPEX growth and passenger numbers growth: 1Q07 to 4Q08
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