Sydney Airport boss cautious after FY loss | Ralph-Lauren

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Sydney Airport officials say they are cautiously optimistic the industry will begin to recover from the pandemic in 2021, after posting a full-year loss of $107.5 million.

Sydney Airport Corporation chief executive Geoff Culbert on Wednesday was reluctant to predict much about the future, after coronavirus travel restrictions decimated the business last year.

“The recovery won’t be linear, but our experience shows that when restrictions are eased and borders come down, people are keen to travel,” he said.

“With the vaccine rolling out, we are cautiously optimistic that 2021 will see the industry begin to recover.”

The number of passengers who visited the airport dropped by 74.7 per cent on the previous year to 11.2 million.

Shareholders will not receive a dividend for the full-year.

The company received $13 million in JobKeeper wage subsidies to help retain employees from April to December.

Moody’s Investors Service vice president Nicholas Chapman was optimistic about the airport’s future.

He said Australia’s response to the coronavirus would help more people return to the airport.

Meanwhile the company said board member David Gonski will take over as chairman after its annual general meeting on May 21.

Mr Gonski has previously been a director of Singapore Airlines, and was chairman for companies including ANZ Bank and Coca-Cola Amatil.

Chairman Trevor Gerber will retire after six years in the role.

Shares were up 2.28 per cent to $6.06 at 1517 AEDT.



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