Sydney Airport (ASX: SYD)- Sydney Airport announced interim results

Sydney Airport (ASX: SYD) today released their Interim Financial Report for the Half Year Ended 30 June 2018, posting profit after tax of $173.2 million, an increase of 4.0% on previous corresponding period.

Group’s total revenue increased 7.9% representing growth across all consumwebusiness. Earnings before interest tax, depreciation and amortization increased to $623.4 million, up 8.1 percent on the prior corresponding period.

The group has posted significant growth in its total passengers including international passengers’ growth of 5.2% to 8.1 million. In the past 6 months company has staged strong performance in Aeronautical, Retail and Property with the revenue growth of 7.6%, 8.9% and 10.9%, respectively.

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There has been capital investment of $ 179.6 million delivering customer facility improvement, enhanced services, and aviation capacity.

The company is leading the innovative Corporate Power Purchase Agreement, it also led tripartite agreement with meaningful cost savings. Up to 75% of its current electricity load with Grassroots Renewable Energy will be contracted with base load firming provided by Origin Energy. This will provide a meaningful cost reduction and its target of 50% reduction in carbon intensity by 2025.

The group has declared final distribution of 18 cents per stapled security in addition to interim dividend of 18.5 cents. This distribution is 100% unfranked.

SYD stock hiked 3.601% to $7.480 after the disclosure of interim report on Wednesday 22 August 2018.

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