Sydney Airport retail spend per passenger rises +4% in Q1 amid “solid” trading performance – 24/04/09

Sydney Airport’s performance for the first quarter of 2009 was solid given the operating environment
Kerrie Mather
CEO
Macquarie Airports

AUSTRALIA. Sydney Airport today reported retail revenues of A$46.7 million (US$35.1 million) in Q1 2009, down marginally (-0.6%) on Q1 2008. It was a performance described by major shareholder Macquarie Airports as “solid” amid the challenging economic backdrop. Spend per passenger rose by +4% year-on-year, the company said.

Overall, Sydney Airport achieved A$204.6 million (US$154.2 million) in revenues, up by +1.9%. EBITDA rose by +2.3% to A$165.3 million (US$124.5 million).

Macquarie Airports CEO Kerrie Mather said: “Sydney Airport’s performance for the first quarter of 2009 was solid given the operating environment, with EBITDA growth delivered against a -4.4% reduction in traffic.

“Despite the softening economic conditions, which are resulting in some reductions in capacity, Sydney is continuing to attract a range of new services. We now have three carriers operating A380s to five destinations, V Australia has commenced its trans-Pacific service and Air Austral is providing an alternative route to Paris via Reunion. Qatar Airways and Delta are scheduled to launch services later this year and we will shortly welcome Tiger Airways who will provide additional choice on the popular Sydney-Melbourne domestic route.”

“Retail performance has been solid with revenues flat against the lower passenger volumes. In fact, spend per passenger is up +4% when compared with the first quarter of 2008. We expect the enhanced passenger processing facilities and retail offering which will progressively come on stream later this year to provide further benefits. The leasing strategy for the T1 redevelopment is proceeding to plan.”

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