On 27 May, Malta International Airport plc issued its Interim Directors’ Statement covering the period from 1 January to the date of the announcement. The Directors stated that during the period under review the Company’s financial position remained sound despite a 9.4% decline in passenger traffic during the first four months of the year. Moreover MIA expects this drop in passengers to persist throughout 2009 as the effect of the economic crises impacts the traditional tourism markets, namely the United Kingdom and Germany.
In response to this downturn the Company has embarked on an investment programme to diversify its sources of revenues by opening up retail and food & beverage outlets, including franchised fast food outlets such as Burger King and KFC, for the non-travelling public. The income from such investment will decrease the Company’s dependency on passenger numbers in the coming years and will partially compensate for the shortfall in this year’s traffic figures. The major component in this programme is the contract with the Nuance Group which guarantees a minimum income of €4.25 million per annum to MIA for the next six years.