Unique reports slim 2003 profit
Unique, the company that runs Zurich airport, made a net profit of SFr3.8 million ($2.9 million) last year, thanks largely to a one-off cash boost.
On Thursday the firm said earnings before interest and taxes rose to SFr84 million, up from SFr69 million in 2002, beating market expectations.
René Zahner, an analyst at Aargau Cantonal Bank, said the result “looked good” but was influenced by an extraordinary gain of SFr43 million from the early redemption of company bonds.
Zahner said Unique faced a very difficult trading environment and a high dependence on the national airline, Swiss.
Confidence in the company has been closely tied to the fate of Swiss, which made a loss of SFr687 million in 2003.
On the upside, a 5.1 per cent fall in passenger numbers to 17.5 million was less than expected, he added. Despite fewer passengers, revenues rose to SFr562 million from SFr528 million in 2002.
Unique said last year’s geopolitical situation and the Sars pneumonia virus had also influenced its 2003 result.
No dividend
Unique, which continues to face a battle with German authorities over the use of its north-south runway, said it would not pay shareholders a dividend this year.
The airport is facing a clampdown by the German authorities on the use of approaches to the airport over southern Germany.
An increasing number of flights are being redirected over more densely populated areas to the north of Zurich.
Unique has come under fire in the press after a recent pan-European survey ranked Zurich airport as Europe’s least punctual hub.
Unique is Europe’s tenth-largest airport in terms of passenger numbers.
Expanding horizons
Airport managers have also set their sights on expanding outside Switzerland.
On Thursday Unique revealed it had received formal authorisation to construct and manage a new international airport in the Indian city of Bangalore.
Beat Spalinger, head of finances at Unique, confirmed that the company won the concession to operate the airport in February.
“We very much hope to begin building work in the summer,” Spalinger said.
Unique – which has already invested up to SFr4 million in the project – said the contract to build and operate a privatised airport was the first of its kind in India.
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