Malta International Airport plc - Full-Year Results

On 11 March, Malta International Airport published its 2009 financial statements showing a 3.3% increase in pre-tax profits to €14.1 million despite a 6% decline in passenger numbers in 2009. Aviation revenue dropped by 2.3% (equivalent to €0.8 million) as a result of the 6.2% decline in passenger departures during 2009. However, this decline was more than offset by the 20% increase (equivalent to €2.1 million) in non-aviation income following the Air Terminal extension and the increase in rentable area. As a result, MIA registered an overall increase in revenue of 3% to €46.4 million with aviation revenue now accounting for 75%  of turnover (2008:79%) while the retail and properties segment now contributes 25% (2008: 21%). The increased turnover coupled with lower finance costs following the decline in interest rates helped the Company report a 3.3% increase in pre-tax profits to €14.1 million – the highest level in the last 3 years.

The Directors recommended a final gross dividend of €0.08769 per share (net: €0.057) to shareholders as at close of trading on Monday 29 March 2010. This dividend is being put forward for approval by shareholders at the forthcoming Annual General Meeting to be held on 10 May. Together with the gross interim dividend of €0.09231 (net: €0.06) per share, the total gross dividend with respect to MIA’s 2009 financial year amounts to €0.18 (net: €0.117) per share which is equivalent to last year’s dividend.

At the AGM, the Directors will also be proposing the redenomination of the nominal value of the ordinary shares of the Company from €0.465874 per share to €0.50 per share through the capitalisation of €2.3 million from retained earnings. Following the redenomination the Directors will also recommend that the Company’s issued share capital is again redenominated and converted from 67,650,000 ordinary shares of €0.50 each to 135,300,000 ordinary shares of €0.25 each through a 2 for 1 share split on 1 June 2010.

Download a copy of the 2009 MIA Preliminary Results

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