Thursday, March 6, 2014

M.I.A. plc releases 2013 financial results

Malta International Airport plc Group’s total comprehensive income for the year, net of tax, increased from €12.46 million to a record €14.47 million, signalling an increase of 16.1% over the previous year.

The Revenue of the Group increased by €6 million from €52.8 million to €58.8 million. The Airport Segment increased by €3 million from €38.3 million to €41.3 million. This was largely driven by the 10.5% increase in passenger traffic. The Retail and Property Segment also increased by another €3 million from €14.1 million to €17.1 million.   This was the result of both the increase in retail and food and beverage sales to a larger number of passengers from the previous year as well as the introduction of new rental income from SkyParks Business Centre. 

The Earnings before Interest, Taxation Depreciation and Amortization (EBITDA) of the Group increased by 15.8%; from €25.80 million to €29.89 million. There was also an increase in profit before tax.  Profit increased from €19.46 million to €22.67 million, an increase of 16.5%.

The exceptionally good results of the Group were driven by and large by the unexpected large increase in volume of traffic during 2013. The financial results of the Group were higher still by adhering to strict cost control throughout the year for the whole Group, with special emphasis on the operating costs.

In so far as the Group operating costs are concerned, therewere higher than those of 2012 by 7.9%, from €18.9 million to €20.4 million. The increase is a result of an increase of €0.5 million in marketing costs, which increased from €2.8 million to €3.3 million and an increase in the ground rent lease charge of €0.7 million. There were also marginal increases in other operational costs such as staff costs, utility costs and PRM charges. (Source: maltairport, 5-Mar-2014)