Malta International Airport plc - Interim Results

Thursday, July 31st, 2014

On 31 July, Malta International Airport plc (MIA) published its interim financial statements covering the six months ended 30 June 2014.

Performance Overview

MIA reported that total revenues grew by 11.5% surpassing the €28 million level. This was achieved through a 7.7% increase in passenger numbers to 1.86 million passengers. The increased passenger traffic was due to a 7% rise in seat capacity as well as a 0.5 percentage point increase in the seat load factor to 76.5%.

Revenues from the airport segment increased by 8.4% to €19 million (accounting for 67.8% of total revenue compared to 69.8% in the first half of 2013) with higher growth of 18.1% in the retail and property segment to €8.6 million. The retail and property segment contributed 31.2% of total revenue during the first six months of 2014 (H1 2013: 29.5%).

Staff costs declined by 1.1% to €3.9 million while operating costs and depreciation increased to €10.1 million and €2.9 million respectively, due to a revision of ground rent and a higher depreciation charge as a result of larger investments in the air terminal and on the airfield in the first 6 months of 2014.

Pre-tax profits climbed by 29.9% to a new record of €10.4 million and after the tax charge of €3.8 million, MIA’s net profits of €6.6 million representing a growth of 24.6% increase over the same period of last year.

The balance sheet shows that total assets were relatively unchanged at €162.2 million. Total liabilities declined marginally to €94.7 million and shareholders’ funds rose to €67.5 million.

SkyParks Business Centre

In the Half Year Report, the Directors of MIA reported that the SkyParks Business Centre, which was inaugurated in September 2012, is now completed, with all the fitting out processes of offices ready. The Directors also announced that all office areas were leased out as at 30 June 2014.

Dividend

For the seventh consecutive year, the Directors declared an unchanged interim dividend of €0.0462 (net: €0.03) per share in spite of the increased profitability over the years. In fact, the pay-out ratio dropped to 61.1% in June 2014 from 79.4% last year. Shareholders as at the close of trading on Tuesday 12 August will be entitled to this dividend which will be paid by not later than 12 September 2014.

Downloads

Malta International Airport plc – Interim report for the six months ended 30 June 2014

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