REPORTING SEASON: Sydney Airport (SYD)

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Figure 1: Sydney Airport 12 month chart

 

Sydney Airport (SYD) posted a solid uptick in passenger growth and profit.

·         Sydney Airport (SYD) reported a strong uptick in passenger numbers and aviation revenues over the last half. Helping to lift SYD’s profit after tax to $53.9Million. International passenger numbers were boosted by sporting and cultural events especially the Ashes and Chinese New Year travel.

·         SYD listed continued growth and momentum across all of its businesses, delivering improved customer experience statistics. With the biggest growth in international passengers coming from Malaysia (up 22.5%) and Hong Kong (up 17%).

·         Earnings before Income Tax, Depreciation and Amortisation (EBITDA) grew by 6.1% (Y/Y) aided by international passenger seat growth which was up 2.9%. This in turn helped lift total aeronautical revenue by 5.7%. Aeronautical revenues were helped by new landing configurations, terminal and baggage planning improvements and an additional A380 gate.

·         Expenses only grew slightly over the period and finance costs lifted by 20%

·         Sydney Airport reaffirms its distribution guidance of $0.235 per share for FY14 to be fully covered by Net Operating Receipts. SYD has already paid out its 1H dividend to investors on the15th of August 2014

 

You can see all of CommSec’s reporting season analysis by clicking here.

Juliana Roadley, Market Analyst,