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Dufry has commenced 2010 positively: Airport Share Wrap

Shares in Switzerland’s Dufry closed 0.4% higher on the SIX Swiss Stock Exchange on Friday, upon the release of the operator’s financial report for the 12 months ended 31-Dec-2009. During the period, revenue jumped 13% year-on-year to EUR1,652 million, while costs of sales rose 9.1% to EUR728.7 million.

Dufry reported EBITDA growth of 2.6% to EUR209.1 million in 2009. However, EBIT (EUR113.5 million) and EBT (EUR83.3 million) declined 16.2% and 18.9% year-on-year, respectively. The operator generated a net profit of EUR67.6 million (-17.4%) during the 12 month period.

Dufry Chairman, Juan Carlos Torres Carretero, assured that while there is still “uncertainty” surrounding the economy in the medium term, “2010 has started positively” for the company. The company reports that 49% of sales are generated from contracts with a remaining life of six years or more, while 24% of sales are generated from contracts with a remaining life of ten years or more.

European airport companies were mixed on Friday, with Aeroporto Toscano leading the way up (+4.6%), Vienna Airport stronger (+1.1%), Zurich flat, while TAV Airport and Copenhagen lost ground (-1.6% and -1.8%, respectively).

Selected airports daily share price movements (% change): 26-Mar-2010