Airports operator MAp Airports has posted a net loss of A$572.7 million ($511.2 million) in 2009 but expects recovery in the aviation industry to continue this year.
It posted a loss of A$572.7 million attributable to security holders for the fiscal year ended 31 December 2009, compared with a profit of A$2.1 billion in 2008.
MAp's consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rose 2% to A$767.4 million from a year ago, says the operator of Sydney Airport.
Total revenue fell 76% to A$1.2 billion, while operating expenses fell 29% to A$2 billion, adds MAp.
"The ability to deliver such stable earnings despite the challenges of the external environment is testament to the resilience of our airports. Their strong market position has ensured that they retain and attract new airlines and services," says MAp's CEO Kerrie Mather.
The airports operator expects 2010 to be a year of continued recovery in the aviation sector.
"With no corporate debt and approximately A$775 million of cash on hand, we have a robust balance sheet which provides significant flexibility in the management of our existing airports," says Mather.
MAp's Sydney Airport posted a 6% growth in EBITDA to A$689.3 million, adds the airport operator, which also has stakes in Brussels Airport and Copenhagen Airport.
Brussels Airport reported a 14% fall in EBITDA to €191.2 million ($258.1 million), while Copenhagen Airport posted a 6% fall in EBITDA to 1.5 billion kroner ($272 million).
Source: Air Transport Intelligence news
