Encouraging 1H2011 earnings from Zurich, Vienna and Schiphol not merely explained by ash cloud

Zurich, Vienna and Amsterdam Schiphol (Group) airports have revealed their 1H2011 financial results. The first two are dominated by Lufthansa, which owns their respective national airlines. All three report revenue increases of up to 10% though that is at least partly explained by the negative effect of last year’s ash cloud, while EBITDA increased by between 15% and 34%. [2928 words]

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This report contains the following subheadings:

• Flughafen Zürich AG's EBITDA margin nears 50%
• Vienna: Japanese earthquake and North African political unrest impacted on transfer traffic in 1Q2011
• Schiphol: Growth and limited cost increase lead to higher net result

This report contains the following charts and tables:

• Financial/traffic report – Zurich Airport Ltd, 6 months ended 30-Jun-2011 (all financial figures EUR million)
• Financial/traffic report – Flughafen Wien, 6 months ended 30-Jun-2011 (all financial figures EUR million)
• Financial/traffic report – Schiphol Group, 6 months ended 30-Jun-2011 (all financial figures EUR million)