MAP traffic results released today dissapointing.Sydney (which...

MAP traffic results released today dissapointing.
Sydney (which MAP makes most of its profit on) down 4.1% in June,an escalation of the year to date figure of minus 3.5%.
PR have made a nice attempt at putting a positive spin on MAP's European airports stating "european Summer capacity has clearly rebounded from the lows of the first quarter".
However In JUne Copenhagen was down 8.7% and YTD down 13%; Brussels was down 9.1% and YTD down 11.7% and Bristol was down 11.9% and YTD down 17.5%.

Seems to me with fear about Swine flu escalating,MAP's recent SP increase is now likely to be reversed.Fundamentals look bad regardless of current situation. i.e. high debt and PE of 19.35