Sydney Airport Posts Big Loss

Due to the latest Covid-19 outbreak and lockdown, Sydney Airport has posted a steeper first-half loss and is welcoming even fewer visitors.

The airport reported a $97.4 million first-half loss on Friday as a result of virus concerns and state and territory border closures that prevented people from flying.

The first-half loss is 43% higher than the previous year’s first-half loss of $43.8 million.

The airport’s second half of 2021 is off to a rocky start. Last month, passenger numbers fell by more than 97% compared to July of last year, to 102,000.

Sydney Airport chief executive Geoff Culbert was confident travellers would return once restrictions eased.

“The pathway to recovery is clear,” he said.

“Governments at all levels are highly motivated to roll out the vaccine, which has now been tied to lifting restrictions.

“As border restrictions are eased, international and domestic travel will be back, and Sydney Airport will be ready to go.”

Domestic passengers returned to the airport at 65% of pre-COVID levels from January to April.

However, revenue fell 33% in the first half to $341.6 million. This includes airline and passenger fees, shop tenants, property, and parking.

This month, the operator of Australia’s busiest airport rejected a revised takeover bid from a group of investors, claiming that the offer undervalues the company.

By Joe Cusmano