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Sydney Airport to raise $2b, swings to $53m loss on COVID-19 woes

Sydney Airport has announced it will raise $2 billion in fresh capital to firm up its pandemic-stressed balance sheet after revealing a $53 million loss for the six months to June 30.

The $53.6 million loss compared with a $17.3 million profit in the same half last year and was due to COVID-19 travel restrictions causing passenger traffic to fall 56 per cent for the period, the airport said on Tuesday morning.

Total passenger traffic in June was down to 5 per cent of the level seen in the same month last year.

Sydney Airport's traffic has plunged due to the pandemic.

Sydney Airport’s traffic has plunged due to the pandemic. Credit:Edwina Pickles

Sydney Airport said it would use the $2 billion raising to “substantially” reduce its net debt, enhance its financial resilience, support its investment grade credit rating and increase liquidity.

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