"Sydney Airport reaps revenue"

Thursday, October 25, 2007

Sydney Airport reaps revenue
The Australian Associated Press


SYDNEY Airport has reported a 9.4 per cent increase in earnings for the firs
nine months of the 2007 financial year, on the back of a 10.3 per cent
growth in revenue and a 12.6 per cent rise in operating expenses.

Southern Cross Airports Corporation Holdings, 38 per cent owned by Macquarie
Airports (MAp), reported unaudited consolidated profit before depreciation
and amortisation, net financing costs, income tax, and specific
non-recurring expenses (EBITDA excluding specific nonrecurring expenses) of
$439.1 million for the period. 

EBITDA (including specific non-recurring expenses) increased to $438.6
million, up from $399.8 million in the prior corresponding period. 

Total revenue growth for the nine months was 10.3 per cent over the prior
period, ahead of traffic growth of 6.8 per cent, the airport said. 

"In the third quarter however, revenue growth from strong passenger growth
was to some extent offset by the impact of the adoption of the new
international charging agreements,'' the company said. 

"Total operating expenses were 12.6 per cent higher than (the prior
corresponding period), reflecting higher security operating costs which were
recovered through higher aeronautical security revenues.'' 

SACL Chief Executive Officer, Russell Balding, said the result was "solid''.


"During the last quarter, the Board of Airline Representatives of Australia
endorsed a commercial agreement in relation to international services,'' Mr
Balding said. 

"Sydney Airport also reached commercial agreement with Qantas for all
services at Sydney airport such as terminals, runways and taxiways. These
five-year commercial agreements, together with the Virgin Blue agreement
regarding domestic airside services reached earlier in the year, cover 90
per cent of passenger traffic. 

"This delivers price certainty for the airlines, investment certainty for
Sydney airport and secures the basis to grow aviation services to and from
Sydney airport.''

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