On 20 November Malta International Airport plc issued its Interim Directors’ Statement stating that following the publication of its half-year results to 30 June 2009 the financial position of the airport operator has remained sound. MIA also said that during the second half of the year, passenger traffic improved significantly when compared to the first half, however it is more or less what the Company anticipated at the beginning of the year.
At the start of this financial year the Company had forecast a 5.5% decline in passenger traffic for 2009 which was later revised downwards to 6.8%. During the first half of the year passenger traffic dropped by 10.9% over the same period in 2008. MIA assured investors that the situation improved significantly during the third quarter of 2009 when passenger movements were down by only 4.7% over the same period last year. The Company explained that it is anticipating a small increase during the last quarter of the year which will bring the total number of passengers this year to approximately 7% less than in 2008. Furthermore the Directors are projecting that the passenger numbers for the upcoming winter season should be at the same levels of 2009, with perhaps small improvements.
The Directors also stated that during the period under review the Company set up a new 100% subsidiary Sky Parks Development Ltd to manage and operate the proposed development of the Business Centre. The 9-floor building, which will be constructed within the Airport Complex, requires an investment of €16 million by the Company and will have a total rentable area of 14,000 square metres comprising mostly of office space but will also include retail, food and beverage outlets. Due to this, the name of the subsidiary that manages the airport car park has now been changed to Airport Parking Ltd from the previous Sky Parks Ltd.
The Directors concluded by informing investors that the Group’s 2009 full-year financial results should be largely in line with the projections made at the beginning of the year and with those of 2008.