Sydney Airport Annual Profit Rises, Expects Higher FY18 Distribution
By Mike Cherney
SYDNEY--Sydney Airport (SYD.AU) said 2017 revenue and net profit rose some 9% as passenger traffic continued to grow, and it expects to increase its full-year distribution in 2018 amid a tourism boom in Australia.
Sydney Airport said its net profit was 349.8 million Australian dollars (US$276 million) in 2017, compared to A$320.9 million in 2016. Revenue rose to A$1.48 billion, from A$1.36 billion.
The company said the full-year 2017 distribution is 34.5 Australian cents per stapled security, an increase from 31 cents in 2016. Looking ahead, the company said it expected to offer a full-year distribution of 37.5 Australian cents per stapled security for 2018.
Sydney Airport said 2017 total passenger traffic was a record 43.3 million, up 3.6%. International passenger growth was even higher at 7.2%.
"This result reflects management initiatives, investment, positive macro tailwinds from increasing global tourism and travel, our proximity to Asia, larger and more fuel-efficient aircraft and the continued liberalization of air rights," Chief Executive Geoff Culbert said.
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(END) Dow Jones Newswires
February 20, 2018 17:36 ET (22:36 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.