Sydney Airport (ASX:SYD) to launch a $2 billion equity raising

Company News

by Rachael Jones

Sydney Airport (ASX:SYD) has launched a $2 billion equity raising after reporting a $53.6 million loss after income tax for the six months to June 30.

Following the Entitlement Offer, their pro forma net debt position will be significantly reduced from $9.1 billion to $7.1 billion as at 30 June 2020.

The figures are due to Covid-19 travel restrictions causing passenger traffic to fall 56 per cent to 9.4 million for the period.

Revenue dropped 35.9 per cent to $511 million and EBITDA fell 35.4 per cent to $300.4 million.

Shares in Sydney Airport (ASX:SYD) are in a trading halt, they last traded at $5.39.