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.