SYDNEY AIRPORT UPBEAT ABOUT GROWTH AS PROFIT RISES

Written on the 18 August 2016 by Sydney Business News

SYDNEY AIRPORT UPBEAT ABOUT GROWTH AS PROFIT RISES

SYDNEY Airport (ASX: SYD) has posted an 18.9 per cent jump in half year profits, and a recent price hike is fuelling optimism in its growth prospects.

The company expects its full year distribution to increase by 22 per cent on the first half of 2015, benefitting from a rise in aeronautical services charges.

Sydney Airport checked in more than 20.3 million passengers in the first half of 2016, up 6.7 per cent on the prior corresponding period.

International visitation was up 9.3 per cent, driven by the weaker Australian Dollar, and domestic was up 5.3 per cent. Revenue rose 11.3 per cent to $661.9 million during this half year period, with the company taking a net profit after tax of $152.7 million. 

CEO Kerrie Mather says the group is 'making excellent progress' in delivering its key strategic, operational and financial targets.

"We have delivered a significant uplift in the presentation of the terminal, increased capacity and passenger experience improvements from our investment program," says Mather.

"International passenger growth, up 9.3 per cent for the half year, continues to be a key business driver. Underpinning our international passenger result was significant additional capacity from new and existing carriers, improving load factors and strong demand from a diverse range of markets including Australia, China, USA, Korea and Japan."

Australia's biggest airport currently has more than 200 business expansion projects underway. The company reported capital expenditure of $175 million for the half year, in line with its expected investment of $400 million in 2016.

Sydney Airport opened on the ASX at $7.50, before dropping to $7.21 and now edging higher to $7.40. 

Read more about Sydney Airport:


Author: Sydney Business News Connect via: Twitter

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter