Malta International Airport posted a pre-tax profit of almost €13.7 million for 2008, a three per cent drop over the previous year despite a 4.7 per cent rise in passengers handled.

Chief executive officer Julian Jaeger had said MIA was bracing for a hard landing this year, following record passenger numbers in 2008. A 5.5 per cent drop over last year's passenger numbers was a "best estimate", he had said, referring to 2009.

MIA said revenue in 2008 rose by about €750,000 to just over €45.1 million due to a rise in regulated fees but this was dampened by the cost of incentive schemes on new routes. Operating costs also rose, by about €765,000 to €24,801,965 over the previous year and this was mostly because of a rise in charges from ground handlers.

MIA said there were significant cost savings in the use of utilities and administration costs.

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