CPH reports strong H1 performance

Passenger numbers up 4.2% in first half of 2012

Despite the bankruptcy of its third largest customer and the challenging market conditions, Copenhagen Airport says that passenger numbers rose by 4.2% in the first half of 2012. The number of transfer passengers continued to increase, supporting CPH’s strategy of strengthening its position as “the preferred Northern European transport hub”. The airport retains its overall full-year forecast, regardless of the bankruptcy of Cimber Sterling in May 2012.
CPH reported 11.3 million passengers for the period, contributing to a 6.1% increase in revenues. Profit before tax increased by 22.3% to DKK 533.9 million (€71.7 million), mainly due to higher traffic revenues and growing sales at the shopping centre as well as lower financing costs, partly offset by the effect of the loss of Cimber Sterling.
“CPH has already regained 81% of the seat capacity we lost in connection with the bankruptcy,” Thomas Woldbye, CEO of Copenhagen Airports A/S, said. “Part of this new capacity will not be added until later in the year. CPH had minimised its risk of loss on outstanding receivables and therefore only suffered an immaterial direct loss on the Cimber Sterling bankruptcy.”
The number of transfer passengers rose in H1 2012, an increase primarily driven by more transfer traffic from Norway, Poland, Germany, the Baltic countries and Finland.
TTG
[pictured: Pier C, Copenhagen Airport; courtesy Copenhagen Airports A/S]

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