Airport passenger bonanza
A Sydney Morning Herald report sasy that a robust economy and the strong dollar are fuelling unprecedented demand for air travel, with Sydney Airport reporting another strong lift in monthly domestic and international passenger traffic.
The airport’s majority owner, Macquarie Airports, reported yesterday that Sydney enjoyed an 8.2 per cent surge in air traffic last month compared with a year earlier.
MAp reported a 7.8 per cent lift in domestic traffic and an 8.8 per cent lift in international passengers, showing that airports and airlines alike have enjoyed a solid start to the new financial year.
Aside from the lift in domestic traffic easing concerns that the entry of Tiger Airways into the domestic market could lead to a glut of airline seats, Sydney Airport’s strong international figures were helped by significant demand for outbound flights.
MAp reported the number of Australian travellers rose by 13 per cent on the year, supporting the view that the high Australian dollar is enticing more people to travel overseas. International passenger numbers at the airport have increased by 24 per cent over the past five years and are primed to rise further with airlines such as Etihad, Emirates and Singapore looking to add seats into Sydney.
The airport’s owner reported a strong lift in traffic across all its airports, particularly in Brussels, where passenger numbers rose 8.1 per cent.
Macquarie also confirmed the sale of its remaining 24 per cent stake in Birmingham Airport. MAp’s decision to keep the excess $1.7 billion on its books largely earned from the sale of its stake in Rome’s two airports has fuelled speculation that it is preparing for new acquisitions.
MAp has long flagged its interest in buying airports in France, Germany and Eastern Europe, when they are privatised. The company’s first foray into Asia, with the purchase of a 7.5 per cent stake in Japan Air Terminal, has raised questions about whether MAp has far more ambitious plans in Japan. JAT operates only the passenger terminals at Tokyo’s Haneda domestic airport and several retail shops at Osaka’s Kansai Airport and Tokyo’s Narita Airport. It does not have an interest in the airfields. But this could change.
Narita Airport has already been flagged for sale by Japan’s Government. Corporatised in 2004, Narita is expected to be listed on the Tokyo Stock Exchange as soon as next year. While MAp has yet to signal an interest in the airport, it appears to suit the Macquarie model of buying poorly run assets.
In a report on Narita, the American Chamber of Commerce in Japan said: “Narita has been run very inefficiently as a public entity.” This could make the asset attractive to private buyers keen to squeeze more efficiencies. The chamber added that Narita had a lack of non-aeronautical revenue compared with other airports. For example, about 60 per cent of Sydney Airport’s revenue is from non-aeronautical sources such as retail rents and car parks.
Report by The Mole and The Sydney Morning Herald
John Alwyn-Jones
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