Sydney Airport – February Traffic Performance
On 20 March 2019, Sydney Airport Ltd reported its traffic performance for February 2019. International traffic growth was in line with seat growth and up 0.4% on the prior corresponding period (pcp), noting that the shift in Lunar New Year that lifted the January numbers has negatively impacted the February comparisons. Domestic passenger numbers were down 2.7% on the pcp, primarily due to reduced domestic seat capacity and lower load factors.
While the traffic performance numbers were not as strong as prior months, we note that over the last twelve months to February 2019, total passenger numbers were up 2% on the prior year period. Further, management noted that double digit growth continues from a number of Asian markets which should support the ongoing growth trend in international passenger numbers.
Mackay Sugar
The resolution to extend the maturity date of the Notes for another 12 months was approved. Subsequently, MSL confirmed its banks, NAB and Rabobank, have also extend their facilities.
A suggested committee of Noteholder representatives has been named, and once established, we would expect a proposal to be presented to Noteholders.
MSL is continuing to work through the conditions precedent of the transaction. This including the completion of an Independent Expert’s Report and Explanatory Memorandum to be presented to shareholders who will be required to vote on whether they support the partial sale of the business.