Spain's Aena says passenger traffic soars, costs too

Spanish airport operator Aena said on Wednesday it expects a return to pre-pandemic levels of traffic this month, although profitability is lagging as revenues rise more slowly than passenger numbers and energy prices have driven up costs. The company estimated that passenger traffic in Spain will have returned to the 2019 level in October and it said it expects continued momentum as airlines offer 5.3% more seats this winter than in 2019-2020. Aena expects overall traffic in 2022 will be higher than its prior forecast of 85% of 2019 traffic volume. “The traffic is performing exceptionally well,” Aena’s CFO Jose Leo told a call with analysts. Leo also said the airports the company operates in Brazil exceeded the passenger traffic volumes of 2019 by 8% in September and that nothing indicated any major setbacks would end the trend over the coming months. But even though 60% more passengers went through its airports in the third quarter, Aena’s overall revenues rose a modest 33%, the company said. The company’s commercial revenues, its share of business made from airport shops, fell 13% after Spain imposed a price cap during the COVID-19 pandemic to protect shop owners. As a result Q3 net profit of E335m was 11% lower than expected, RBC’s analyst Stephanie D’Ath said on Wednesday. Shares traded 0.3% higher.<br/>