Airport’s half-yearly profits up by 11 per cent

Malta International Airport plc yesterday announced profits of €3.96 million for the first half of the year, up by 11.3 per cent on the same period of 2010.

The group’s turnover for the six months to June 30 stood at €22.7 million, an increase of 2.2 per cent from €22.2 million in same period last year.

MIA said yesterday the positive traffic results registered between January and June would continue in the second half of the year but at a reduced momentum.

The airport operator reiterated its expectation for passenger movements for the year to reach 3.4 million, an increase of 3.2 per cent over 2010. The forecast factored in Air Malta’s current restructuring process, which MIA said it would continue to monitor but which was not expected to affect passenger flows for the year.

Revenue from aviation fees had not increased in proportion to the passenger numbers because of higher incentive schemes that are expected to be paid for the first six months of the year. This revenue stream will also be impacted by aviation concessions due to the reduction in fuel handling user fees.

Staff costs have fallen 3.4 per cent to €4.5 million as a result of an early retirement scheme introduced last year. Other operating costs rose marginally to €8.8 million.

MIA is proposing a net interim dividend of €0.03 per share on all shares settled as at close of business on August 8 and payable by September 15.