egolinews.com

Sydney Airport reported a 6.1% jump in EBITDA to $689.3 million for the year ended 31 December 2009, a result welcomed by the airport’s 49% stakeholder MAp Group (MAP). The airport also said the last quarter 11.8% jump in EBITDA to nearly $200 million pointed to a strong 2010.

Sydney Airport’s Chief Executive Officer, Russell Balding, said the performance of the airport improved significantly in the final quarter.

“During the final quarter passenger growth was encouraging with a 7.3 per cent increase over pcp,” Mr Balding said.

In the December quarter just under 100,000 people passed through the airport every day.

”This resilient performance emphasises the fundamental strength of Sydney Airport’s position as Australia’s national gateway," Mr Balding added.

MAp CEO, Kerrie Mather, said Sydney Airport had delivered an outstanding performance for both the full year and the final quarter.

”The performance remains strong even when adjusting for a number of positive non-recurring items in the final quarter,” Ms Mather said.

“2009 was an exceptionally challenging year and Sydney Airport took early and pre-emptive action on costs at the end of 2008 and early in 2009.”

Looking more closely at the numbers, the airport said revenue climbed 5% to $853 million.

Aeronautical revenue added 8.2%, while retail revenue edged marginally higher, the airport said.

Total capital expenditure for the year was A$298.7 million, a decrease of 24.2%. The majority of the money continued to be spent on the ongoing T1 redevelopment, runway safety works and Qantas seamless transfer facility.

At the close of business Thursday, MAP shares were $3.00.

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