Chinese tourists are helping push Sydney Airport's profits higher

A group of young travellers arrive at Sydney International Airport. Mark Kolbe/Getty Images

Sydney Airport increased revenue 4.6% to $594.8 million for the six months to June on the back of a strong rise in international passengers.

Net profit was $134.6 million, up from $53.9 million, a 149.7% rise.

Overall passenger growth for the six months was 2.1% to 91 million. International passengers grew 2.8%, with strong passenger demand from China, India, Philippines and the US, as this chart shows:

Chinese nationals were Sydney’s fastest growing market, up 16.8%.

The domestic market grew 1.7% during the six months. “Within the domestic market, low cost carriers have grown strongly and contributed to declining real airfares, providing affordable travel to more passengers and opening new leisure markets,” Sydney Airport said.

Revenue from airlines grew 4.6% to $247.1 million and revenue from retail rose 3.9% to $129.9 million.

Property and car rental revenue grew 4.8% to $101 million. Car parking and ground transport revenues grew by 8.7% to $72.2 million. Online bookings now make up 32% of car parking revenue.

Sydney Airport upgraded its income distribution guidance from 25 cents to 25.5 cents per stapled security for the full year.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.