Sydney Airport boss cautious after FY loss

sydney airport boss cautious after fy loss

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…

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