Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn


Sydney Airport passenger numbers take off

Simone Ziaziaris  |  22 Aug 2017Text size  Decrease  Increase  |  
Email to Friend

Page 1 of 1

SYDNEY - [AAP] Sydney Airport (ASX: SYD) has posted its strongest growth in passenger numbers in 12 years, with 21 million passing through the airport in the first six months of 2017.

A 7.7 per cent increase in international flyers from the same period in 2016, and a 1.3 per cent improvement in domestic travellers, helped Sydney Airport's half year profit rise 4 per cent to $167 million.

The strongest growth in overseas passenger numbers came from Asian markets including China, India, the Philippines, Indonesia, Japan, and Vietnam.

Chief executive Kerrie Mather said an improved business performance, plus a positive outlook for the second half of 2017, allowed the company to forecast an 11 per cent in distributions to investors to 34.5 cents for the full year.

Revenue improved in all divisions of Sydney Airport's business in the first half of 2017--aeronautical services, retail, parking, and property and car rental.

But growth was most modest in parking, at 2.2 per cent, to $77.1 million.

The company said more passengers are travelling to the airport by train, and there has been an increase in the use of limousines and ride sharing services such as Uber, plus slower growth in the number of Australians travelling overseas.

Email to Friend
Market News and Views Sign up today and receive our free Morning Note e-newsletter, daily in your inbox.

Ms Mather, who will retire from the role once a successor is appointed, said the number of passengers choosing to pay and park at the airport is relatively small, but the airport is seeing improvements due to new options like online booking.

"As we continue to roll out more products for the people looking to park at the airport we are actually seeing an improvement in the performance," she said.

The company expects property revenues to be boosted in the second half of 2017 by the opening of its new Mantra hotel and its $34.5 million purchase of an Ibis airport hotel in July.


* Net profit up 4.4pct to $167m

* Revenue up 7.9pct to $714.2m

* Interim distribution up 1.5 cents to 16.5 cents, unfranked


AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

Email To Friend