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Sydney Airport Reports 2020 Loss, No Guidance Provided

   By Mike Cherney 
 

SYDNEY--Sydney Airport Ltd., normally the country's busiest airport, reported a 2020 net loss as border restrictions due to the coronavirus pandemic grounded the travel industry worldwide.

Sydney Airport said its net loss was about 107 million Australian dollars (US$84.6 million), compared to a net profit of A$215 million in 2019. It said 2020 revenue was A$803 million, down 51%. Overall, passenger traffic fell 75% in the year.

No 2020 distribution was declared.

Looking ahead, the airport said that it couldn't provide guidance for 2021 given the uncertainty about the course of the pandemic. However, it said it is cautiously optimistic that the travel industry will begin to recover in 2021.

"The recovery won't be linear, but our experience shows that when restrictions are eased and borders come down, people are keen to travel," Chief Executive Geoff Culbert said.

 

Write to Mike Cherney at mike.cherney@wsj.com

 

(END) Dow Jones Newswires

February 23, 2021 17:07 ET (22:07 GMT)

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