On 19 October 2018, Sydney Airport (ASX: SYD) released its Air traffic performance for the month of September 2018. Following this news, the share price of the company decreased by 0.83 percent as on 19 October 2018.
The Domestic passengers in the month of September decreased by 0.5 percent from 2270 in September 2017 to 2259 in September 2018. The international passengers increased by 1.7 percent from 1317 in September 2017 to 1,340 in September 2018. The Airport witnessed a total passenger growth of 0.4 percent in September month of FY 2018 as compared to the figures of September month of last year.
On year to date performance basis, the domestic passenger growth was 1.8 percent, the international passenger growth was 4.8 percent, making the total growth of 2.9 percent for Calendar Year to Date. The September month was impacted primarily by the school holiday period falling later this year compared to last.
In September Month, Commonwealth Government made two very positive announcements regarding the improved bilateral air services arrangements with Fiji and the Philippines. This will increase the number of available seats for both countries’ Airlines and it will potentially provide growth opportunities for Sydney Airport.
On 19 October, the Sydney Airport also announced regarding the changes to the Board of Directors of the responsible entity of Sydney Airport Trust 1 (SAT1). Mr. Gillian Larkins has resigned as a Director and the Board has appointed Mr. Eleanor Padman as a Director, effective from 19 October 2018.
Recently on 9 October 2018, the company announced regarding the successful completion of ~AUD400 million multi-tranche US private placement bond which includes 15-year tenor AUD62.5 million tranch maturing in February 2034, 20-year tenor AUD135 million tranche maturing on February 2039, 25-year tenor AUD100 million tranche maturing on February 2044 and 30-year tenor AUD100m tranche maturing February 2049.
In the first half of FY 2018, the total revenue of the company was $770.8 million which was $714.2 million in the corresponding previous period. The total operating expenses also increased from $136.6 million in the First half of FY 2017 to $147.4 million in 1H2018. The EBITDA increased from $577 million in 1H2017 to $623.4 million in 1H2018. The Net Profit of the Airport increased from $167 million in 1H2017 to $174 million in 1H2018.
The Sydney Airport strategies are helping in delivering results across all businesses. The revenue from Aeronautical business of the Airport grew by 7.6 percent during the first half of FY 2018 to $345 million. The revenue from the retail business of the Airport increased by 8.9 percent in 1H 2018 to $177.1 million. The Revenue from the parking and ground transport increased by 2.1 percent in 1H 2018 to $78.6 million.
In the last six months, the share prices of Sydney Airport decreased by 1.52 percent as on 18 October 2018, and traded at a PE level of 42.050x. SYD’s shares traded at $6.605 with a market capitalization of circa $15.02 billion as on 19 October 2018 (AEST 3:30 PM).
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