TAV Airports Holding shares ease after reporting strong 2008 and resilient outlook
Shares in Turkish Airport operator, TAV Airports Holding Inc, eased by 2.8% yesterday after the company unveiled a EUR4.7 million net profit for the 12 months ended 31-Dec-08. Consolidated revenue rose by 25% and EBITDA surged 129%.
TAV stated the high-cash generation capacity of its existing businesses and operational leverage have produced results that "indicate the resilience of our businesses to external shocks".
The number of passengers using airports operated by TAV increased by 4% and reached 36 million, while its flagship Istanbul Ataturk International Airport international terminal reported 8% growth.
It was a bleak day for airport shares around the world yesterday, with Hochtief and Ferrovial leading the slump, falling 7.9% and 7.1%, respectively.
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Selected airports daily share price movements (% change): 30-Mar-09