Sydney Airport Posts Earnings Increase

Sydney Airport said it has posted some seven percent increase in its annual pre-tax earnings, thanks to the booming business of budget airlines.

The airport has also seen an increase in the number of international passengers or some 3.6 percent increase. Last year, the airport recorded some 37 million passengers that passed its terminals.

But Sydney Airport said the biggest boost in its earnings come from budget airlines like Air Asia and Scoot of Singapore.

Sydney Airport shares also increased 0.8 percent to reach $3.165.

The volume of domestic passengers also increased by close to six percent in the second semester of 2012, thanks to Tiger Airways and Jetstar. Their planes are based in Sydney Airport.

Jetstar is also beefing up its business by increasing its capacity by some 57 percent between Sydney and Melbourne.