Sydney Airport see profit fall on passenger numbers and Danish dispute

Company News

by Rachael Jones

Sydney Airport (ASX:SYD) cut costs and reduced staff numbers after its half year results show a 90 per cent drop in profit after income tax to $17.3 million.

Attributable profit after tax to security holders plummeted 158.1 per cent to a loss of $66.7 million on a tax deferred distribution basis.

The airport saw 21.6 million passengers pass through for the half year.

Domestic travel is down as well as car parking and ground transport revenue.

International passengers grew 1.9 per cent.

But a tax dispute in Denmark caused a large expense with a resolution unlikely before 2021.

Shares in Sydney Airport (ASX:SYD) are trading 1.79 per cent lower at $8.22.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.