Sydney Airport: 2018 revenue driven by international pax, retail and property business

    Sydney Airport reported (21-Feb-2019) the following highlights for its four business areas for 2018:

    • Overall: Revenue up 6.8% year-on-year, primarily driven by international passengers and a strong performance from ‘Retail’ and ‘Property’ segments;
    • Aeronautical: Revenue up 7.6%, reflecting 4.7% international passenger growth, agreed international charge increases and continued capital investment in aeronautical facilities and the passenger experience;
    • Retail: Revenue up 7.2% delivered by duty free and T1 specialty store performance, new T2 leasing deals and strong lease escalation;
    • Property and car rental: Revenue up 7.5% reflecting a full trading year for the Mantra and Ibis Budget hotels. Both hotels performed strongly in 2018 delivering AUD8.0 million (USD5.7 million) in EBITDA;
    • Car parking and ground transport: Revenue up 1.7%, ahead of domestic passenger growth and reflecting targeted capital investment in road upgrades and other congestion reducing initiatives.