AoT steady despite slump in June quarter profit, Beijing Airport gains on improved revenue
Airports of Thailand’s shares ended an otherwise positive week steady on Friday (14-Aug-2009), following the release of its 3QFY2009/2010 financial results, which showed revenue slumping 31.2% year-on-year.
The steep revenue reduction was attributed to falling traffic brought on by the global recession and the political unrest in the country. AoT reported aeronautical revenue fell 21.7% as flight operations, passenger numbers and cargo volume dropped 11.3%, 14.2% and 23.8%, respectively. The operator of the country’s largest international airports was also forced to reduce aeronautical charges in an attempt to promote Thailand’s tourism.
Meanwhile, traffic AoT’s secondary airports are holding up, according to the latest traffic highlights in Jul-2009:
- Passenger numbers: 4.3 million, -6.3% year-on-year;
- International: 2.6 million, -12.9%;
- Domestic: 1.7 million, +5.9%;
- Cargo volume: 94,569 tonnes, -16.5%;
- Aircraft movements: 29,449, -1.9%.
Elsewhere in the region, Beijing Capital International Airport ended a mixed week with a 0.4% gain in its share price on Friday, as it reported resilient financial results backed by strong revenue growth for the six months ended 30-Jun-2009.
In Europe, Hochtief’s shares gained 3.7% as the airport construction group maintains its positive forecast for the full year 2009 and hinted at an IPO of its airport assets. Shares in Ferrovial, Aeroports de Paris and Fraport lost ground on Friday, closing down 2.1%, 2.1% and 0.4%, respectively.
Selected airports daily share price movements (% change): 14-Aug-09