On 13 May 2020, Malta International Airport plc issued an announcement updating the market on its financial performance during the first quarter of 2020. The company noted that during this period, revenues decreased by 17.5% to €12.8 million which, in turn, is close to the drop of 16.1% in passenger movements. The reduction in business follows the stringent measures, including the strict travel bans which were put in place in March 2020, as a result of the ‘COVID-19’ pandemic.
Despite the reduction of 4% in total operating costs to €10.6 million, MIA still reported a significant contraction in profit after tax to €1.41 million compared to €2.87 million in the first three months of 2019.
MIA explained that although the short-term outlook is negative, it shall continue to keep the evolving situation under close scrutiny and apart from the measures already taken with a view to mitigate the overall adverse impacts of the ‘COVID-19’, it is prepared to take additional measures aimed at supporting further its financial standing and other initiatives to be able to react with immediacy once travel bans are lifted. MIA also reiterated that notwithstanding the adverse impact of the ‘COVID-19’, the company is sufficiently resilient to be able to sustain the current conditions and that, during the current financial year, it has sufficient resources to meet all of its financial obligations. In fact, MIA ended the period under review with a total cash balance of nearly €42 million representing 17% of its total assets amounting to €240.4 million.