Sydney Airport Holdings said on Tuesday it would raise A$2 billion of equity to lower its debt levels after swinging to a half-year loss, as the Covid-19 pandemic continues to hammer travel.[SYDNEY] Sydney Airport Holdings said on Tuesday it would raise A$2 billion of equity to lower its debt levels after swinging to a half-year loss, as the Covid-19 pandemic continues to hammer travel.
In May, the operator of Australia's biggest airport said it did not foresee the need to raise equity, but that was before Covid-19 cases surged in the city of Melbourne, prompting border closures between states and further hurting travel and business. "The outlook is very uncertain," chief executive officer Geoff Culbert told analysts after the airport reported a net loss of A$53.6 million for the six months ended June 30, compared with a profit of A$17.3 million last year.
"What we are witnessing today is the most stringent restrictions on the movement of people since the second world war, and in the domestic context possibly the most stringent movement restrictions in Australia's history," Mr Culbert said. Domestic passenger numbers in August so far are down 94.2 per cent from a year ago, worse than the 88.2 per cent fall in July due to additional state border closures, while international traffic in August to date is down 96.8 per cent, Sydney Airport said.
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