Brief: Copenhagen Airports Q3 EBITDA Falls To DKK 28 Mln

Copenhagen Airports A/S

12/11/2020 13:33

Nov 12 (Reuters) - Copenhagen Airports A/S  KBHL.CO :
    * REG-INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR
THE
PERIOD 1 JANUARY – 30 SEPTEMBER 2020
    * SOME 6.7 MILLION PASSENGERS PASSED THROUGH TERMINALS AT
COPENHAGEN AIRPORTS (CPH) IN FIRST NINE MONTHS OF 2020, A
DECLINE OF 71.3% FROM YEAR-EARLIER PERIOD
    * FOR PERIOD JANUARY TO SEPTEMBER 2020, PASSENGER NUMBERS
WERE
DOWN BY 16.6 MILLION - OR 71.3% - FROM YEAR-EARLIER PERIOD.
    * TO LAUNCH FURTHER COST-SAVING INITIATIVES.
    * OUTLOOK: LOSS FOR FIRST NINE MONTHS OF 2020 SHOULD BE SEEN
IN
LIGHT OF SHARP DECLINE IN REVENUE FROM BOTH AERONAUTICAL AND
NON-AERONAUTICAL PARTS OF CPH'S BUSINESS AS A CONSEQUENCE OF
COVID-19.
    * Q3 REVENUE DKK 390 MILLION VERSUS DKK 1.20 BILLION YEAR
AGO
    * THESE JOB CUTS IN AUGUST REDUCED ANNUAL OPERATING COSTS AT
AIRPORT BY ABOUT DKK 325 MILLION, BUT DUE TO NOTICES OF
TERMINATION, ONLY A LIMITED PROPORTION OF THESE SAVINGS WILL
FEED THROUGH TO 2020 RESULTS.
    * Q3 EBITDA DKK 28 MILLION VERSUS DKK 715 MILLION YEAR AGO
    * OUTLOOK 2020: GIVEN COST OF KEEPING AIRPORT OPERATIONAL,
CPH
NARROWS EXPECTATIONS AND EXPECTS AN OVERALL LOSS AFTER TAX OF
DKK 550-700 MILLION FOR 2020
    * INITIATIVES WILL PROVIDE AN ADDITIONAL ANNUAL SAVING
CORRESPONDING TO APPROXIMATELY 325 FULL-TIME POSITIONS
    * TO ESTABLISH A TESTING SOLUTION REQUIRING PASSENGERS
ARRIVING IN
DENMARK FROM COUNTRIES CATEGORISED AS RED OR ORANGE

Source text for Eikon:  ID:nGNE2YS6kh 
Further company coverage:  KBHL.CO 

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