Malta International Airport plc - Quarterly Update

On 18 May 2021, Malta International Airport plc published a Quarterly Update providing information about its performance in Q1 2021. In this respect, MIA explained that revenues dropped markedly to €5.08 million compared to €12.8 million in Q1 2020 reflecting the significant reduction of 90.2% in passenger movements to just 0.1 million (Q1 2020: 1 million).

In view of the reduction in business, coupled with the company’s efforts to mitigate the financial impact of the pandemic, total operating costs dropped by 23.4% to €7.75 million. Excluding depreciation and amortisation charges, MIA recorded a marginal positive EBITDA of €0.01 million compared to €5 million in Q1 2020.

After accounting for net finance costs of €0.52 million, MIA posted a loss before tax of €3.12 million compared to a pre-tax profit of €2.27 million in Q1 2020. During the period under review, MIA recorded a tax credit of €1.02 million (Q1 2020: tax expense of €0.86 million), thus leading to a net loss of €2.1 million.

In terms of financial position, MIA ended Q1 2021 with cash balances of €24.8 million (31 December 2020: €31 million) representing almost 11% of its total assets amounting to €229.5 million. The reduction in cash balances was also partly due to the company’s commitment to certain capital investments which, in aggregate, amounted to €2.7 million during the period under review.

In conclusion, MIA stated that while recent developments including the easing of restrictions, both locally and in important markets, bode well for the second half of the year, the company continues to exercise a cautious approach to cash management whilst remaining vigilant of the situation with an aim to take further measures, in addition to existing ones, should the need arise.