Sydney Airport to raise $2bn as business struggles with COVID

Sydney Airport is raising $2 billion to pay down debt and increase liquidity during the toughest period in its history.

The company revealed that passenger numbers during the second quarter were down 96.6% over the previous corresponding period, contributing to a $53.5 million loss for the half year to June 30.

Total passenger numbers for the period were 9.4 million – including just 400,000 for all of April, May and June. 

Sydney Airport CEO Geoff Culbert commented: “We delivered a solid start to 2020 (but) the subsequent spread of COVID-19 saw the aviation industry deteriorate dramatically from late February.

“Six months into the pandemic there remains uncertainty as to how long it will take for aviation markets to return to pre-COVID levels.

The $2 billion will be raised through a fully underwritten pro rata accelerated renounceable entitlement offer.

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