Friday, August 21, 2009

Macquarie Airports books $25m loss

MACQUARIE Airports has affirmed its calendar year distribution guidance of 21 cents per security after booking a first half loss.

The net loss for the six months ended June 30 was $299.3 million and compared to a loss of $274 million in the previous corresponding period.

The group said the result predominantly reflected the impact of airport revaluations, which had no impact on operating performance, cashflows or distributions.

Proportionate consolidated pro-forma earnings before interest, tax, depreciation and amortisation (EBITDA) fell 4.2 per cent.

The company declared an interim distribution of 13 cents per security, in line with in the prior corresponding period.

Macquarie Airports (MAp) said the long-term growth prospects for the aviation industry and for MAp's airports remained strong.

"Early signs of traffic recovery are evident, but European traffic is still expected to show a full-year decline,'' the group said.

MAp chief executive Kerrie Mather said the group was focused on positioning its airports for the traffic recovery.

"We continue to implement cost-management programs, review capital expenditure and focus on new initiatives to drive growth at each of our airports,'' she said.

"Proactive debt management has ensured that our airports maintain appropriate capital structures.

"We maintain a conservative stance towards capital management, notwithstanding some improvement in operating and financial conditions.''



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