During the year ended 31 March 2004, MIA’s total operating income amounted to Lm14.3 million, 7.3% higher than the revenue generated during the same period last year. This increase is mainly due to the introduction of a security fee of Lm0.55 levied on each departing passenger. Total passenger traffic at the airport increased by a marginal 0.9% during the period under review. Whilst in the first six months of the year (April 2003 to September 2003) passenger traffic showed an increase, there was a significant slowdown during the second half of the accounting year.
Operating costs increased by 3% (Lm309,994) mainly due to increases in marketing expenses, technical service agreements and rents payable. During the year ended 31 March 2004 MIA incurred a full-year’s charge of technical service agreements and rents payable compared to only 8 months in the previous financial year. MIA’s operating profit for the year amounted to Lm3.6 million, 22.8% higher than the profit generated in 2003. The Company’s charge for interest on outstanding loans was just over Lm1 million for the period under review, significantly higher than the charge incurred during the same period last year. As the draw down of the loan for Lm20 million had been effected on 26 July 2002 the charge for the year ended 31 March 2003 covered a shorter period.
Despite this increase in finance expenses, profit before tax increased by over 22% to Lm2.65 million. After the deduction of tax, profit for the year amounted to Lm1.6 million for an earnings per share of 2c38, which is 16.7% higher than the earnings of March 2003.
During the Board Meeting of 9 June the Directors have decided to propose to shareholders at the Annual General Meeting on 15 July 2004 a gross final dividend of 2c15 per share (net dividend of 1c4). This dividend is payable to all shareholders on the Company’s register as at close of business on Tuesday 15 June 2004. Coupled with a gross interim dividend of also 2c15 per share distributed in December 2003, the total dividend for the accounting year amounts to 4c3 (gross) and 2c8 (net), an increase of 11% over the dividend paid in 2003. The final dividend is expected to be paid to all shareholders by 31 July 2004.
The Company’s assets as at the end of March 2004 amounted to Lm50.2 million with shareholders' funds at Lm21.1 million. Based on the total number of shares in issue of 67,650,000, MIA’s net asset value per share stands at 31c2.