Sydney Airport's H1 profit falls

Result hit by one-off ATO settlement expense.

Sydney Airport (SYD) says it is confident in further growth in operations and free cash flow over the rest of the year, after posting a drop in first-half profit.

For the six months to June 30, net profit dropped to $24 million, from $88.6 million in the previous corresponding half.

But the result was weighed by a $69 million tax expense on its non-binding, in-principle ATO settlement.

Meanwhile, revenue for the half rose to $537.9 million, a 6.8% lift from $503.6 million in the previous corresponding period.

The group has reiterated dividend guidance of 22.5 cents for the full year.