Malta International Airport plc - Nine-month results to 31 December 2006

Following a Board of Directors’ meeting of Malta International Airport plc held on 1 March 2007, the Company’s results for the nine-month period from 1 April to 31 December 2006 were issued for publication. The Directors proposed a gross final dividend of 3c38 per share (2c2 net of tax) for approval by the shareholders at the Annual General Meeting to be held on 12 April 2007. Those shareholders as at close of business on 18 April for settlement on 23 April will be entitled to receive this dividend.

On 23 November 2006, Malta International Airport plc announced a change in its accounting year-end to 31 December.  Due to this change, the financial statements presented are for a nine-month period to 31 December 2006. The latest figures published cannot therefore be compared to the previous financials which relate to a twelve-month period ended 31 March 2006.

During the nine-month period from 1 April to 31 December 2006, the total operating income generated by MIA amounted to Lm14.1 million. In the previous twelve-month period ended 31 March 2006, the Company’s operating income amounted to Lm16.7 million. Passenger departures during the nine-months to 31 December 2006 amounted to 1.14 million. There were lower passenger departures registered in most of the months compared to the 2005. However, towards the end of the reporting period, departures increased in November and December following the introduction of low-cost flights operating to and from Luton and Pisa. The Directors noted in the preliminary statement of results that commercial income from retail and catering outlets showed modest but constant increases throughout the financial year.

Operating costs excluding the charge for depreciation amounted to Lm7.3 million resulting in earnings before interest, tax, depreciation and amortisation (EBITDA) of Lm6.7 million. The charge for depreciation amounted to Lm1.35 million resulting in an operating profit of Lm5.4 million and a margin of 38.1%.

Investment income amounted to Lm0.11 million whilst finance costs totalled Lm0.65 million. The Company’s pre-tax profit during the nine-month period under review amounted to Lm4.91 million. After deducting the tax charge, profitability attributable to shareholders during the period under review totalled Lm3.1 million resulting in an earnings per share of Lm0.0461.

As noted earlier, the Directors have proposed a final gross dividend of 3c38 per share payable to those shareholders as at close of trading on 18 April for settlement on 23 April 2007. This dividend is identical to the final dividend distributed last year. Adding the interim dividend of 3c85 per share paid in December 2006 results in a total dividend for the nine-month period under review of 7c23.

The Company’s assets as at the end of 31 December 2006 amounted to Lm49.5 million with shareholders’ funds totalling Lm21.5 million resulting in a net asset value per share of Lm0.318.

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