Sydney Airport’s parent company has posted a full year loss after selling its share of two European airports in favour of greater control at Kingsford Smith.
Sydney Airport Holdings (SAH) last week reported a net loss of $240.2 million for calendar year 2011, compared to 2010 profits of $100.8 million.
The numbers were tamped down by $361 million in revaluation losses resulting from SAH’s sale of stakes in Brussels and Copenhagen airports. Those deals were part of a larger repositioning that saw SAH gain an additional 10.86 per cent share of Kingsford Smith plus $800m in cash. The company now owns an 85 per cent stake in Sydney Airport as its only investment.
SAH has proposed a major overhaul of the airport that would see terminals divided into two alliance-based “precincts” by the end of the decade.
The company said its 2011 revenue grew 3.5 per cent to $1.04 billion.
For just $59.95 a year, you can keep up to date with the very best of Australian Aviation each month, directly via our app! Our app is available on mobile, tablet and PC devices. So what are you waiting for? Go digital with Australian Aviation and read up on all missed special coverage, exclusive photos and editions. Subscribe now at australianaviation.com.au.