MIA have announced that further to the publication of its Business Report and Financial Statements for 2008, Malta International Airport plc revealed results that show the Company has maintained almost the same profit levels as last year despite all the difficulties set by the global scene that have impacted the aviation industry.
Moreover, further to the net interim dividends paid of €4,059,000 (0.06 per share),
MIA plc has paid out a final net dividend of €0.057 per share which cumulatively translates into a higher dividend than 2007.
“In 2008 MIA may safely be considered to have achieved satisfactory results notwithstanding worldwide economic obstacles that already in the second half of last year had started to effect our operations. Beating the three million mark was no mean feat especially considering that the registered increase of 4.7% is being compared with 2007 which undoubtedly was a record year,” stated Julian Jaeger, Chief Executive Officer of Malta International Airport.
In the light of the bleak financial environment such results warrant MIA to look ahead with confidence. This is substantiated with the worthwhile investment afforded for the expansion project of the terminal which is currently nearing completion and will be fully operational by the forthcoming Summer to generate additional income even in the short term.
This expansion and complete refurbishment is the salient feature of a strategy which shows a clear commitment to meet the challenges through diversification of revenues and consistently pursuing the established policy of support schemes to encourage the introduction of new routes and additional flight frequencies in close cooperation with the major stakeholders.
“Notwithstanding the turbulent times, we still stand by our forecast of 2009 ending with a minus 5.5% of passenger movements, which infact is less negative than originally expected, especially considering that for Summer 2009 seat capacity should reach 3,063,060 and this means an increase of plus 0.8% when compared to Summer last year. Moreover the month of April until the 28th shows our passenger traffic at a marginal increase when compared to this time last year which inturn means that this has brought us to a cumulative minus 9.5% to date,” reiterated Mr Jaeger.
No doubt the modernisation of the terminal is intended to enhance comfort and services for both travellers and locals alike, suffice it to mention that during 2008 MIA invested €4,500,000 on this upgrading which has increased the retail landside area by 164% that is 690 square metres and airside by almost 49% that is 2,120 square metres.
More importantly the entire area allocated to retail concessions has been rented out on more lucrative terms which in turn warrants an increased revenue from the commercial sector. This will be accentuated by the F&B area which, having been restructured and almost doubled in size, has allowed the addition of a food court with nine catering outlets and a common seating of some 400 diners.
This years plan will also accomplish works on the conference amenities, the expansion of the car park to accommodate an additional 500 car spaces, as well as the Lufthnasa Technik area which alone will generate a significant increase in yearly rent. This way forward for MIA targets commercial revenue to increase its share from 19% in 2008 to 30% by 2010.