On 16 May, Malta International Airport plc (“MIA”) published an Interim Directors’ Statement updating the market on its financial performance during the first quarter of 2017.
The Directors noted that, during the first three months of 2017, the financial position of the Company has remained sound and the performance has been much better than the corresponding period last year. Indeed, passenger numbers grew by 22.2% year-on-year, resulting in a 15.8% increase in turnover to €13.4 million (Q1 2016: €11.6 million) and a 33.2% surge in earnings before interest, tax, depreciation and amortisation (“EBITDA”) to €5.82 million (Q1 2016: €4.37 million). Similarly, profit after tax jumped by nearly 69% to €2.47 million when compared to €1.46 million generated in the first three months of 2016.
It is also worth highlighting that as at the end of March 2017, MIA had a cash balance of €42.8 million which represents a 17.1% increase over the balance held as at 31 December 2016.
The Directors stated that the promising start to the summer season provides an optimistic outlook for the rest of 2017 with expectations for an overall positive result for 2017.