Sydney Airport today announced the Airport Traffic Performance for October 2018 reporting it as the ‘busiest month’ of the year. The news has sent Sydney Airport shares to trade at higher level with a marginal daily price change of 0.076% or $0.005 as on 20 November 2018 (12:24 PM AEST).
The figures revealed that in the month of October 3.2% more passengers have travelled compared to previous corresponding period, i.e. October 2017. This translates total 3.9 million passengers travelling through Sydney airport during October.
International business of the company has shown tremendous with the increase of 6% in international passenger traffic to 1.43 million, compared to previous corresponding period’s traffic of 1.34 million. The growth in international passenger traffic is underpinned by significant rise in foreign travelers as well as Australians travelling overseas during vacations.
Sydney Airport CEO Geoff Culbert stated Sydney’s fastest growing foreign nationalities included Japanese (13.0%), American (12.3%) and Indian (10.1%) visitors.
He added that Australian outbound international passenger growth also performed well increasing 8.6% for the month as many Australians have chosen to travel overseas during the September/October school holiday period.
On domestic front, there have been decent growth of 1.6% to 2.48 million domestic passengers travelling through Sydney Airport during October 2018. Its year to date 2018 performance is also up by 1.8% to 22.97 million compared to 22.56 million in year to date 2017.
Mr. Culbert stated Domestic passenger traffic has also performed well driven by seat capacity growth and stable load factors during October.
Looking to the overall Year to Date performance of the company, we can see 2.9% growth in passengers that means an increase from 35.67 million passengers in YTD 2017 to 36.72 million passengers in YTD 2018, as per the market release dated 20 November 2018.
International flights of the company has witnessed massive slump in South Korean customers during October 2018, moreover Malaysia’s nationalities have also downturned by 6.8%. The 2018 Year to Date international passenger traffic was 13.75 million, up 4.9% on previous corresponding period.
Meanwhile, Sydney Airport won the Australia’s best Capital City Airport award for the second time in a year at the Australian Airports Association (AAA) national industry awards. Along with this, the company has also bagged the Technology award for its landmark facial recognition trial. The winning of these awards outlines the company’s commitment to providing a globally recognized passenger experience, community investment, sustainability initiatives and industry-leading innovation.
Following this news, Sydney Airport (ASX: SYD) shares arrowed up in early trade today. At the time of writing, 20 November 2018 (12:24 PM AEST), Sydney Airport’s share price is up by 0.076% or $0.005 to stand at $6.605. The stock is currently trading at a PE of 41.670 x with market capitalization of $14.88 billion. However, SYD has witnessed a negative performance change of 9.09% over the past one year.
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