Sydney Airport has just been dumped by Australia’s second wave of COVID-19 - needing to raise $2 billion to retain balance sheet buoyancy.
Sydney Airport is not alone. Qantas has also been hit by the second wave of COVID-19, while Virgin drowned during the first. It was not alone. Qantas has also been hit by the second wave, while Virgin drowned during the first. The second leg - a share purchase plan for retail shareholders was completed last week and was woefully undersubscribed - raising only $71 million of the $500 million target.
Sydney Airport suggests that the fresh equity injection was pursued out of an abundance of caution to ensure it can withstand any number of scenarios. The company is currently burning through $10 million per month in costs - an amount which doesn’t include the interest it is paying on debt nor the small amount of revenue that is trickling in.
The near-desertion of the airport terminal also played havoc with retailers it housed. The company called out $52.9 million in retail abatements and $6 million in rent deferrals.
Just slightly raise the train fare out to the airport to two billion dollars and problem solved
Join the club because without a cure or at least an instant test for passengers, the airlines are dead and the airports are bang in trouble.
the most reliable providers of quality monopoly earnings and dividends in the Australian market, to a lemon
Poor old Macquarie Bank. Whatever shall they do ? It’s a question that’s been Bagering (creek) me.
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