During the year ended 31 March 2005, MIA’s total operating income increased by 15.9% to Lm16.6 million. This was as a result of the increase in the passenger service charge (which went up by 8.7% from Lm6 per departing passenger to Lm6.52 as from April 2004), as well as increases in landing fees and security fees and a 5.8% rise in the volume of passengers. The Directors stated that there were significant increases in passenger traffic during the summer months but traffic was rather weak during the winter. Operating costs incurred by the company decreased by 0.8% to Lm10.7 million as a result of a reduction in the deprecation charge as well as stringent control on the overall operating costs of the company. This resulted in the operating profit climbing by 66.5% to Lm5.9 million.
Interest receivable increased from Lm46,921 to Lm50,935 with other income from financial assets amounting to Lm58,692. The interest payable on the outstanding loan amounted to Lm1.022 million, down from Lm1.075 million in March 2004.
The company’s profit before tax of Lm5.1 million represents a rise of 93.7% over the Lm2.65 million pre-tax profit generated in the previous financial year. After the deduction of Lm1.9 million in tax, the profit for the period amounted to Lm3.2 million, a 100% rise over last year’s profitability. Earnings per share increased from 2c38 to 4c76.
During the Board Meeting held on 24 May the Directors proposed that at the Annual General Meeting to be held on 4 July 2005 shareholders approve the payment of a gross final dividend of 3c38 per share (net dividend of 2c2). This dividend is payable to all shareholders on the Company’s register as at close of business on Tuesday 5 July 2005. Coupled with the gross interim dividend of 3c85 per share (net 2c5) distributed in December 2004, the total dividend for the accounting year amounts to 7c23 gross (4c7 net), an increase of 67.9% over the 2c8 net dividend paid in respect over the previous financial year ended in March 2004. The final dividend is expected to be paid to all shareholders by 30 July 2005.
The Company’s assets as at the end of March 2005 amounted to Lm49.3 million with shareholders' funds at Lm21.7 million. Based on the total number of shares in issue of 67,650,000, MIA’s net asset value per share stands at 32c1.