Malta International Airport beats recession to post higher profit

Malta International Airport has reported a three per cent increase in revenue and a net profit growth of two per cent for 2009, despite a drop in aviation revenue. Net profit increased from €8.66 million in 2008 to €8.84 million, which the company described as "notable" given the economic scenario.

Income last year amounted to €46.45 million, up from €45.11 million in 2008, with the MIA earning 20 per cent more from non-aviation activities to offset a 2.3 per cent decline in aviation revenue.

The company attributed the results primarily to the decision taken in previous years to invest in the commercial areas of the business.

In fact, concessionaries brought in an increase of 16 per cent, the VIP product a rise of 23 per cent and revised rental agreements a whopping 55 per cent increase in revenue.

The results were also due to cost cutting, with financial costs dropping by 25.2 per cent, the company said.

Last year, the number of passengers passing through the airport dropped by 6.1 per cent over the year before. But the company has revised its estimated passenger growth for 2010 up by three points to six per cent "in view of the recent passenger growth and a better understanding of airline schedules for the forthcoming season".

In view of the results, MIA directors have proposed a final net dividend of 5c7 per share which brings the total dividends for the year to 11c7 per share.