Malta International Airport plc - Half-Year Results

On 27 July, Malta International Airport plc published its 2011 half-year results revealing a 2.2% increase in the Group’s turnover to €22.7 million. This growth was mainly attributable to the Retail & Property segment which registered a 4% increase in revenue to €5.8 million due to the increased income from rents and recharges. Meanwhile revenue from the Airport Segment edged 0.8% to just under €16.5 million as the positive effect of the 12.7% growth in passenger movements was partially offset by higher incentive schemes, reduction from aviation concessions and a reduction in fuel handling user fees.

On the costs side, the airport operator registered a 3.4% decline in staff costs to €4.5 million following the introduction of an early retirement scheme introduced in 2010. Meanwhile other expenses rose by 3.2% to €8.8 million. This resulted in an earnings before interest tax, depreciation and amortisation (EBITDA) figure of €9.3 million representing a 4.1% increase over the previous comparable period.

After accounting for depreciation (which fell by 6.8% to €2.45 million) and net finance costs of €0.73 million, MIA registered an 11.4% increase in pre-tax profits to €6.29 million. Similarly, after accounting for a tax charge of €2.3 million, net profit climbed by 11.4% to €3.96 million – the highest interim profitability figure since 2006.

The Directors declared a net interim dividend of €0.03 per share (unchanged over last year) to all those shareholders as at close of trading on Wednesday 3 August. This dividend will subsequently be paid by not later than 15 September.

Download a copy of the Malta International Airport plc – 2011 Interim Financial Statements