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Auckland Airport up on bonds issue, Zurich Airport jumps on improving traffic

Shares in European airports started the week on a high, led by Zurich Airport, which jumped 5.1% following the release of its Sep-2009 traffic results.

Zurich Airport reported another marginal increase in passenger numbers, +0.1% year-on-year in Sep-2009, while cargo volume and aircraft movement declines also eased:

  • Passenger numbers: 2.0 million, +0.1% year-on-year;
  • Cargo volume: 20,449 tonnes, -10.1%;
  • Aircraft movements: 23,004, -1.8%.
  • Total commercial revenue: EUR25.4 million, -6.8% year-on-year;
    • Airside: n/a, -9.1%;
    • Landside: n/a, -3.8%;
  • Revenue per departing pax: EUR25.7, -6.9%;
    • Airside: n/a, -9.2%;
    • Landside: n/a, -3.9%. [more]
  • *Based on the conversion rate at EUR1 = CHF1.51

Rival Vienna Airport’s shares gained 0.7%, while Copenhagen Airport gained 0.1% in trading yesterday, after reporting yet another month of disappointing traffic results. Passenger numbers at Copenhagen Airport fell 8% in Sep-2009, a further deterioration from the 7.6% decline reported in Aug-2009.

Rome airports still below expectations

Elsewhere in Europe, shares in Gemina, owner of Italian airport operator, Aeroporti di Roma, fell 1.2%, as the latest traffic improvements failed to meet investor expectations.

Aeroporti di Roma traffic highlights in Sep-2009:

  • Passenger numbers: 3.6 million, -4.3% year-on-year;
  • Cargo volume: 12,236 tonnes, -10.9%;
  • Aircraft movements: 33,358, -8.4%;
    • Rome Fiumicino: 28,391, -9.3%;
    • Rome Ciampino: 4,967, -2.7%.

Auckland Airport to raise NZD125 million in bonds

In the Asia Pacific region, Auckland Airport’s shares rose 1.6% after the airport announced plans to raise NZD125 million (USD92.3 million) in fresh capital, selling five-year bonds to retail investors. No further details were disclosed but the latest offer is expected to open later this month. The airport previously sold NZD25 million of seven-year bonds in a private placement in Aug-2009.

Meanwhile, Shenzhen Airport’s shares closed down 0.9% yesterday. The airport reported double-digit increases in Sep-2009 traffic, but off a weak base in 2008. The 13.8% growth in passenger numbers is also a marked decline from the +23.7% growth reported last month:

  • Passenger numbers: 1.9 million, +13.8% year-on-year;
  • Cargo volume: 62,700 tonnes, +15.9%;
  • Aircraft movements: 16,700, +10.8%.

Elsewhere in the Asia Pacific region, Australian Infrastructure Fund and MAp’s shares closed down 2.5% and 0.4%, respectively.

Selected airports daily share price movements (% change): 12-Oct-2009