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Aeroports de Paris sees “more favourable outlook” in coming months: Airport share wrap

Aeroports de Paris (AdP) stated it has “made the assumption” traffic would grow by 0.5% in 2010, given a “more favourable outlook” for the coming months, following the closure of Paris-Charles de Gaulle and Paris-Orly airports in Apr-2010 due to volcanic ash shutdowns across Europe, with an estimated impact on 1.4 million passengers. Passenger numbers rose just 0.8% to 18.2 million in 1Q2010.

AdP also anticipates “slight” revenue growth in 2010, while 2010 EBITDA is expected in the range of 2009 EBITDA. The airport operator reported a 6.2% year-on-year increase in revenue for the three months ended 31-Mar-2010 to EUR331.2 million. Aviation revenue was up 5.1% year-on-year to EUR331.2 million, details include:

+ Aeronautical: EUR176.5 million, +3.2%;

                + Ancillary fees: EUR44.9 million, +3.5%;

                + Airport fees: EUR98.0 million, +9.2%;

                + Other: EUR11.8 million, +6.2%.

Shares in AdP gained 3.4% following the release of the airport operator’s 1Q2010 revenue report yesterday.

Autogrill leads, Dufry drops

Also in Europe, shares in Italy’s Autogrill led the way up closing 6.1% higher. The airport services company reported a 5.7% year-on-year increase in EBITDA for the three months 31-Mar-2010 to EUR98.2 million, while narrowing its net loss to EUR9.1 million, compared with a net loss of EUR25.1 million in 1Q2009. Broker Equita upgraded Autogrill to “buy” following the release of its results.

Elsewhere, shares in Brazil based duty free operator, Dufry, dropped 7.2% in trade yesterday.

The full financial and traffic report for Aeroports de Paris is featured in today’s edition of Airport Business Daily. Subscribe today for the latest financial/traffic reports and strategic news updates from airports worldwide.

Selected airports daily share price movements (% change): 12-May-2010