On 14 November, Malta International Airport plc issued an Interim Directors’ Statement updating the market on its performance during the first nine months of the year. The Directors noted that the financial position of the Group has remained sound and the performance during the period under review has been much better than expected.
The announcement also contained an income statement for the period between January and September 2016 as well as a statement of financial position as at 30 September 2016. During the period under review, MIA recorded a 4.5% increase in total revenue to €55.5 million largely due to the 5.7% increase in revenue from the Group’s aviation related services to just over €39 million. In turn, this was due to the 7.5% increase in passenger movements to a record 3.89 million when compared to the same period last year on the back of a 5.3% increase in seat capacity and a 1.7 percentage point increase in the seat load factor to 83.4%. Moreover, MIA also generated a 1.6% increase in its non-aviation related income to €16.5 million.
On the other hand, the Group’s expenses during the period under review only increased by 0.7% to €23.48 million.
As a result, the Group’s earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 7.4% to €32.04 million and the Group’s net profit edged 10% higher to €17.07 million which translates into an earnings per share of €0.126 compared to €0.115 in the first nine months of 2015.
The Statement of Financial Position reveals that during the first nine months of 2016, the Group’s total assets grew by 3.5% to €177.97 million largely due to the 46.3% increase in trade receivables to €17.26 million. Similarly, total liabilities also grew by 2.7% to €96.75 million as the 5.2% increase in trade receivables to €26.9 million and the increase in tax payable to €4.7 million offset the 4.3% drop in bank loans to €54.6 million. Overall, the Group’s equity base expanded by 4.6% to €81.2 million largely reflecting the profit registered during the period under review.
Going forward, the Directors noted that the start to the winter schedule was promising. In fact, during the month of October, MIA registered a 10.4% increase in passenger movements to over half-a-million passengers. As such, the Board is optimistic about the remaining period and the Group is expected to close off 2016 with an overall positive result.
The announcement also noted that during the period under review, the Group liquidated a number of subsidiaries (namely: Luqa PV Farm Ltd, Gudja PV Farm Ltd, Gudja Two PV Farm Ltd and Gudja Three PV Farm Ltd) that were not undertaking any business activities.