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Sydney Airport swings to annual profit
2013/2/27 8:45:11

Sydney Airport Holdings Ltd. swung to a net profit in 2012 as the introduction of new international low-cost airlines and more services into key Asian markets resulted in record passenger numbers.

The airport operator Wednesday reported a net profit of 179.2 million Australian dollars (US$183.3 million) for the year ended Dec. 31, compared with a A$239.9 million net loss in 2011 when it took a large hit from the sale of its Brussels and Copenhagen airport assets.

Sydney Airport said 36.9 million passengers had passed through its terminals in the period, up 3.6% on-year.

This was underpinned by a 5.6% lift in international passengers, following the introduction of new services including two extra weekly flights to Shanghai, four direct flights to Manila, and three flights to Nanjing in eastern China.

The airport also extended its second terminal with the addition of five new gates and expanded retail space, which helped boost earnings.

In a statement to the Australian Securities Exchange, Sydney Airport reported a strong start to 2013, with a further 3.9% increase in international passenger numbers year-to-date.

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