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Sydney Airport (ASX:SYD) reported its full-year 2020 results.

Australia’s biggest airport reported its profit nosedived 136% to a $145.6m annual loss. It comes as traffic numbers fell from a record high in 2019 tumbling 75% in 2020.

What was somewhat pleasing was that despite COVID-19, revenue only fell 51% to $803.7m, as the group continued to act as a gateway for air freight and also repatriated 50% of Aussie passengers returning from overseas.

However, SYD was not able to declare a dividend for the period – as the market expected.

As for SYD’s outlook – it’s cautiously optimistic that travel will begin to recover in 2021.

SYD shares rose 2% to $6.05 after the result.

SYD is a Morgan Stanley and UBS Buy, while it’s a Hold for Citi.