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MIA registers €4.48 million interim profit

Slight upturn in group turnover and 13% increase in six-month profits over 2011.

17 July 2012, 12:00am
Staff costs decreased from €4.5 million to €3.7 million (18%) due to a reduction in staff as a result of early retirement schemes implemented in 2010 and 2011.
Staff costs decreased from €4.5 million to €3.7 million (18%) due to a reduction in staff as a result of early retirement schemes implemented in 2010 and 2011.
Malta International Airport's board of directors have approved a net interim dividend of €0.03 per share (gross €0.046) equivalent to €4,059,000 on all shares to bepayable by 10 September 2012.

The group's interim financial statements for the six months were approved on 30 June 2012.

The group's turnover for the period is marginally higher than the same period in 2011 at €22.71 million (Jan-Jun 2011 - €22.67 million). Revenue from aviation fees represents 71.9% (2011 - 72.6%) of the total revenue of the company whilst the retail and property segment was 27% (2011 - 25.7%) of the total revenue.

Staff costs decreased from €4.5 million to €3.7 million (18%) due to a reduction in staff as a result of early retirement schemes implemented in 2010 and 2011. Other operating costs went up from €8.8 million to €9.3 million (an increase of 5.8%).

The profit for the period is €4.48 million compared to the €3.96 million of the same period of 2011, an increase of 13%.

The board of directors noted that the European Commission's approval of Air Malta's restructuring plan augured well for the airline as well as for the future prospects of additional traffic to Malta. 

The SkyParks Business Centre, which is undergoing last minute finishing touches, will be receiving its first tenants in the coming days.

Taking into account the traffic registered during the first six months, together with the most recent flight schedules, the Company is revising its forecast in so far as passenger figures for 2012 to a 1.5% over 2011. This amounts to around 3.56 million passengers.

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GRACE PAVIA
There is nothing worse than a private monopoly of a sensitive, vital, unique service. Fees are obviously kept artificially high as there is no competition; whilst the tourist industry has to lower rates to attract numbers. Malta will not forgive the Nationalist party for selling so many of the nation's monopolistic assets short.
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