COVID hits SYD results

The ongoing impact of travel restrictions have been laid bare in Sydney Airport’s latest financial results for H1 2021, with the aviation hub recording a 33.2% drop in revenue to $341.6 million when compared to the previous corresponding period.

The latest revenue figures looked even bleaker when contrasted with pre-COVID numbers, showing a close-to 60% drop on 2019, while H1 2021 also witnessed a 30% decrease in EBITDA to $210 million.

Most of the income for the period was generated through aviation ($110.8 million), while $87.4 million was delivered via its retail arm and $84.6 million arrived through property and car rental revenue.

Total operating expenses were sheered down from $187.5 million in H1 2020 to $153.7 million in the latest period, while capital expenditure also dropped by over half to $65.2 million.

Australia’s largest airport has reported a net debt of $7.5 billion as of 30 Jun 2021, with its liquidity books revealing $500 million in available cash reserves and $2.4 billion in undrawn bank debt facilities.

The half did see a solid rebound in domestic air traffic however, recovering 43% of pre-COVID volumes, including a peak in Apr which saw a 65% improvement.

Sydney Airport also revealed plans to open 12 new luxury retail brands including a stand-alone Louis Vuitton store in 2022.