Malta International Airport plc - Performance Update

On 11 November 2020, Malta International Airport plc announced that during the month of October, it welcomed 110,346 passengers representing a drop of 84.3% when compared to the same month in 2019. As a result, the total number of passenger movements since the start of 2020 amounting to 1.66 million represent a decline of 73.8% when compared to 6.34 million recorded between January 2019 and October 2019.

The airport operator also provided information about its financial performance and position up to 30 September 2020. In this respect, revenues plunged almost 68% to €24.9 million (Q1-Q3 2019: €77.3 million) whilst operating expenses contracted by 26.6% to €25.1 million (Q1-Q3 2020: €34.2 million) reflecting the various cost-cutting measures that MIA implemented in order to preserve its financial resources. After taking into account net finance costs of €1.55 million and an income tax credit of €0.27 million, MIA reported a loss of €1.17 million compared to a net profit of €26.9 million between January to September 2019. Meanwhile, the Statement of Financial Position as at 30 September 2020 shows that MIA remained entirely free from any bank borrowings. Moreover, the airport operator had cash balances of €31.7 million which is only 4.4% lower than the balance of €33.2 million as at the end of 2019.

Commenting on the outlook, MIA warned about the challenges for the winter months ahead although the company expressed its confidence that its financial strength and robust organisational setup will serve in good stead for the future recovery.