Airport operator MAp Group has returned to half year profit, and says the near term outlook for growth in air traffic is strong.
MAp declared a lower first half distribution, but reaffirmed guidance for annual distributions of 21 cents, subject to "external shocks" or material changes to forecast conditions.
MAp reported a profit of $19.725 million for the half year to June 30, a turnaround from a $299 million loss in the first half of 2008/09.
MAp shares were up as much as 6 cents, or 2.1 per cent, in early trade to $2.92, on a day the overall market was down about 0.7 per cent.
Revenue was $480.934 million, up 5.4 per cent, but MAp posted a loss from continuing operations after tax of $5.834 million, a 98 per cent on the prior first half year loss of $330.7 million.
MAp declared an interim distribution of 11 cents, nil franked, down from 13 cents, nil franked, in the prior corresponding period.
MAp chief executive officer Kerry Mather said the group's proportionate earnings were up 18.2 per cent on the period, compared with traffic growth of 6.8 per cent.
Sydney Airport returned growth in earnings before interest, tax, depreciation and amortisation (EBITDA) of 12.7 per cent.
AAP