MAp Airports Ltd
(ASX:MAP), formerly Macquarie Airports, has reported a loss for 2009 but says it expects 2010 to be a year of continued recovery in the aviation sector.
Net loss for the 12 months to December 31, 2009 came to $573 million compared to a profit of $2.1 billion for the same time a year ago.
The result included a one-off termination fee of $345 million paid to its former parent company Macquarie Group to become a separate entity.
MAp says the variance between the results of 2008 and 2009 reflects the impact of the deconsolidation of Brussels Airport and Copenhagen Airports and their revaluations.
CEO Kerrie Mather says 2009 was a momentous year for the company with the group achieving a solid financial performance in the most challenging environment for the aviation industry since MAp listed in April 2002.
Looking ahead Ms Mather says with no corporate debt and around $775 million of cash on hand, the company has a robust balance sheet which provides significant flexibility in the management of the company’s existing airports and places MAp in an excellent position to capitalise on the growth opportunities in the aviation industry.
Despite traffic declines in the first half, Sydney Airport reported 7.3% passenger growth in the final quarter.
MAp Airports declared a dividend of 27 cents for calendar 2008.
