Sydney Airport traffic crashes 97.5 per cent

20 May 2020, Written by Business News Australia

Sydney Airport traffic crashes 97.5 per cent

Traffic figures released today by Sydney Airport (ASX: SYD) reveal a drastic fall in passenger numbers in April due to travel restrictions relating to the COVID-19 pandemic.

The airport reports total traffic fell 97.5 per cent year-on-year to 92,000 passengers, of which 43,000 were domestic and 49,000 were international.

The reduction for domestic travel was slightly more pronounced at 97.9 per cent, compared to the 96.9 per cent fall for international travellers. 

But what is also telling about this crisis is that the number of domestic passengers was only slightly higher than for their international counterparts, whereas normally the figures for domestic are almost two-thirds higher. 

"We expect the downturn in passenger traffic to persist until government travel restrictions are eased," the airport said.

Australians continued to be the leading nationality of passengers, followed by the UK which was ranked fifth in April 2019. China fell one spot to third in terms of nationality, and was followed by South Korea (7th in April 2019) and Germany (outside Top 10 in pcp).

The Top 10 nationalities travelling through the airport is completed by Japan, France, the USA, Canada and New Zealand, the latter holding third place this time last year.

According to an update released last month, Sydney Airport has a combined liquidity of $2.8 billion split by $430 million in available cash, $1.75 billion of undrawn bank facilities and approximately $600 million of new USPP bond market debt.

"This is comfortably in excess of the $1.3 billion of debt maturing in the next 12 months and the $150 million to $200 million of expected capital expenditure over the same period. We also expect to remain compliant with our covenant requirements," the group said at the time.

"Given the strength of our balance sheet and liquidity position, at this time we do not see the need to raise equity."

Photo: Kurt Ams

Updated at 10:26am AEST on 20 May 2020.

 
Author: Business News Australia

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