Brief: Copenhagen Airports Q2 EBIT Loss Widens To DKK 366 Million

Copenhagen Airports A/S

11/08/2021 10:32

Aug 11 (Reuters) - Copenhagen Airports A/S  KBHL.CO :
    * INCURRED A LOSS BEFORE TAX OF DKK 851 MLN FOR PERIOD IN H1
    * CPH REMAINS SEVERELY AFFECTED BY CRISIS, AND OPERATING
COSTS
CONTINUE TO EXCEED INCOME
    * Q2 EBIT LOSS DKK 366 MILLION VERSUS LOSS DKK 266 MILLION
YEAR
AGO
    * REG-INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR
THE
PERIOD 1 JANUARY – 30 JUNE 2021
    * IN JUNE, DECLINE IN PASSENGER NUMBERS WERE A LITTLE LOWER
AT
82.6% RELATIVE TO 2019, LAST YEAR OF PRE-PANDEMIC NORMALITY.
    * CPH REMAINS SEVERELY AFFECTED BY CRISIS, AND OPERATING
COSTS
CONTINUE TO EXCEED INCOME
    * COMPANY'S DEBT GREW BY DKK 734 MILLION IN 2021 DESPITE
EFFORTS
TO REDUCE COSTS AND NON-ESSENTIAL INVESTMENTS.
    * CPH IS STILL A LONG WAY OFF FROM NORMAL CONDITIONS AND HAS
HAD
TO DRAW A FURTHER DKK 300 MILLION ON CREDIT FACILITIES IN Q2
    * IN STEP WITH PASSENGERS RETURNING AND AVIATION RECOVERING,
CPH
WILL NEED TO REEMPLOY PEOPLE.
    * TRAFFIC ACCUMULATED IN JUNE AND LOAD FACTOR ROSE TO 60%
    * H1 REVENUE AMOUNTED TO DKK 447.9 MILLION (2020: DKK 934.8
MILLION), A 52.1% DECLINE FROM LAST YEAR.
    * CPH HAS PUT ON HOLD MANY PROJECTS PLANNED FOR 2020-2022,
WHICH
WILL PRODUCE EXPECTED SAVINGS OF MORE THAN DKK 2 BILLION
    * NUMBER OF PASSENGERS AT COPENHAGEN AIRPORT WAS 1.4 MILLION
IN
FIRST HALF OF 2021, EQUIVALENT TO A DECREASE OF 72.5% COMPARED
TO SAME PERIOD IN 2020 DUE TO EFFECT OF COVID-19 PANDEMIC

Source text for Eikon:  ID:nGNELjLJj 
Further company coverage:  KBHL.CO 

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