Malta International Airport plc - Interim Results & Dividends

The Board of Directors of Malta International Airport plc met on 9 December to discuss and approve the financial statements for the half-year ended 30 September 2004 and consider the payment of an interim dividend.

MIA’s total operating income during the six month period ended 30 September 2004 amounted to Lm10 million, a 16% rise over the income generated during the same period last year. The Directors attribute this increase to the higher tariffs with effect from 1 April 2004 (the passenger service charge went up by 8.7% from Lm6 per departing passenger to Lm6.52 with other increases in the landing fee and the security fee), but also due to a 6% rise in passenger traffic during the period under review.

A breakdown of the components of operating income reveals that revenue from the passenger service charge increased by 15.7% to Lm5.7 million, other aviation fees comprising landing, parking and security fees grew by 28.8% to Lm1.7 million with other income rising by 45.7% to Lm1.1 million. Meanwhile, fees emanating from the concessionaires turnover charge dropped by 8.3% to Lm1.4 million.

The Company’s operating costs during the six month period under review amounted to Lm5.3 million, a 4.2% drop from the costs incurred during the same period last year. MIA’s operating profits for the six months ended 30 September 2004 therefore amounted to Lm4.7 million which translate in a 51.9% increase over last year’s profitability. The charge for depreciation and amortisation amounted to Lm761,101. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the period April to September 2004 amounted to Lm5.5 million compared to Lm4.1 million in 2003. Investment income amounted to Lm75,219 (September 2003: Lm20,265) whilst interest payable dropped from Lm549,315 in September 2003 to Lm501,370.

MIA’s profit before tax for the six month period ended 30 September 2004 totalled Lm4.3 million, representing a 66.5% hike over last’s year’s figures. Profit for the period after the deduction of tax amounted to Lm2.8 million, translating into an earnings per share of 4c14 (September 2003: 2c49).

During the Board Meeting of 9 December the Directors declared a gross interim dividend of 3c85 per share (net dividend of 2c5), an increase of almost 80% over the interim dividend paid last year. This dividend is payable to all shareholders who appeared on the Company’s register as at 9 December 2004. This year’s interim dividend translates into a net yield of 2.23% based on today’s closing share price of 112c.

MIA’s total assets as at 30 September 2004 amounted to Lm51.5 million with shareholders' funds at Lm22.95 million. Based on the total number of shares in issue of 67,650,000, MIA’s net asset value per share stands at 33c9.

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