Sydney Airport anticipates continued financial impact due to coronavirus

Sydney Airport stated (10-Aug-2020) it is anticipated that the group's financial performance will continue to be affected due to the likely adverse impact of the coronavirus pandemic on operations. In respect of operating costs (excluding security recoverable costs), the group expects to maintain tight discipline and is targeting at least a 35% reduction for the 12 months from 01-Apr-2020. The group is targeting a capital investment range of AUD150 million (USD107.3 million) to AUD200 million (USD143.1 million) for the 12 months from 01-Apr-2020, compared to a historical run rate of approximately AUD350 million (USD250.4 million) p/a. The focus for the next 12 months is on essential projects targeting safety, maintenance and asset resilience. No final distribution is expected to be paid for 2020. The board will update on the outlook for future distributions as more clarity emerges on recovery from the pandemic. [more - original PR]