Malta International Airport plc has issued its financial results for 2009 which show a 3% increase in revenue and a net profit of 2% the latter corresponding to an increase from €8.66 million in 2008 to €8.84 million in 2009, which given the economic scenario is a notable result.
The comprehensive income of MIA in 2009 increased from €45.11 to €46.45 million. This represents a 2.3% decrease in aviation revenue, and conversely a remarkable 20% increase in non-aviation revenue resulting in an overall 3% increase. The number of passengers that passed through MIA in 2009 was 6.1% less than 2008.
These results have been achieved primarily because of the decisions taken in the previous years to invest in the commercial areas of the business. The increase in revenue results from the positive performance of the concessionaires which has registered an increase of 16%, the VIP product with its increase of 23%, as well as revised rental agreements which registered an increase of 55%.
The Company, moreover, has also made a great effort to contain its operating costs. Its staff costs have increased only marginally by 0.6%, whilst other operating costs registered an additional 5%, depreciation has increased by 7% reflecting the investments undertaken, whilst financial costs decreased by 25.2%.
The Directors of MIA have therefore proposed a final net dividend of €0.057 per share which brings the total dividends for the year to €0.117 per share.
The result of 2009 warrant the pursuance of MIA’s policy to avail itself of further eventual opportunities from which it could avail itself of greater revenue generation in order to alleviate its economic dependence on aviation and related activities.
At present it is already effectively and actively engaged in its diversification strategy in marketing its new Business Centre on landside which is expected to commence operation in the latter half of 2011.
The estimated passenger growth stated in January by MIA was 3%, the Company has now announced a revised forecast of 6% in view of the recent passenger growth and a better understanding of airline schedules for the forthcoming season.
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