Qantas may get a free kicker from the lower oil price, but it's Sydney and Auckland Airports that will keep the profits

Qantas may get a free kicker from the lower oil price, but it's Sydney and Auckland Airports that will keep the profits. Anyone who has paid for parking at Sydney Airport (ASX: SYD) or Auckland International Airport (ASX: AIA) knows why airports are the real profit engines in the travel industry. Most are natural monopolies and, whether you're a passenger or airline, you play to their tune. As airline ticket prices fall to reflect lower fuel costs, travel becomes more affordable and passenger numbers pick up - which leads to higher aeronautical fees and retail revenue for the airports. Furthermore, Auckland and Sydney Airport's fastest growing markets - China, India and Southeast Asia - are among the largest net importers of oil. This means their economies will get a boost from lower energy costs, which should further stimulate travel. Unfortunately, AIA and SYD are up nearly 20% since June last year and have yields of just 3.5% and 4.7% respectively. Airports are wonderful assets, but they're far from cheap. (VIEW LINK)