Fraport, Beijing, TAV higher, Infratil lower on weak earnings – Share Wrap
Turkey’s TAV yesterday unveiled a 12% widening in first quarter net losses, attributed to the impact of the global economic crisis, the leap year effect (decreasing the February result by 3.5%) and the cost of financing the development of Enfidha Airport in Tunisia. The loss was better than market expectations and TAV’s shares rose 2.1% yesterday. The company was reportedly recently awarded a USD1.2 billion contract to expand Oman’s Muscat International Airport.
Meanwhile, utilities investor, Infratil, was marked down 4.1% yesterday, as write-downs to some of its publicly listed investments contributed to a NZD191 million loss in the 12 months ended 31-Mar-09. The company booked NZD179 million of non-cash write downs (including holdings in Auckland Airport and Energy Developments), but had positive revaluations totalling NZD329 million from Wellington Airport and TrustPower.
Elsewhere, Beijing Airport’s shares rose 3%, while Fraport was 0.5% higher (trailing a 2.4% increase in the Frankfurt DAX 30 Index).
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Selected airports daily share price movements (% change): 18-May-09