Positive MIA figures and arrivals will see 2016 ending with flying colours

The financial position of the group has remained sound and the performance during the period under review has been much better than expected.

MIA also generated a 1.6% increase in its non-aviation related income to €16.5 million
MIA also generated a 1.6% increase in its non-aviation related income to €16.5 million

Malta International Airport plc has issued an Interim Directors’ Statement updating the market on its performance during the first nine months of the year.

The financial position of the group has remained sound and the performance during the period under review has been much better than expected.

During the January-September period, MIA recorded a 4.5% increase in total revenue to €55.5 million largely due to the 5.7% increase in revenue from the group’s aviation related services to just over €39 million.

This was due to the 7.5% increase in passenger movements to a record 3.89 million when compared to the same period last year on the back of a 5.3% increase in seat capacity and a 1.7 percentage point increase in the seat load factor to 83.4%.

MIA also generated a 1.6% increase in its non-aviation related income to €16.5 million.

The group’s expenses during the period under review only increased by 0.7% to €23.48 million.

As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 7.4% to €32.04 million and the Group’s net profit edged 10% higher to €17.07 million which translates into an earnings per share of €0.126 compared to €0.115 in the first nine months of 2015.

During the first nine months of 2016, the group’s total assets grew by 3.5% to €177.97 million largely due to the 46.3% increase in trade receivables to €17.26 million. Similarly, total liabilities also grew by 2.7% to €96.75 million as the 5.2% increase in trade receivables to €26.9 million and the increase in tax payable to €4.7 million offset the 4.3% drop in bank loans to €54.6 million.

Overall, equity base expanded by 4.6% to €81.2 million largely reflecting the profit registered during the period under review.

During the month of October, MIA registered a 10.4% increase in passenger movements to over half-a-million passengers, which the Board said was an optimistic sign for the remaining period where 2016 is expected to finish with an overall positive result.

During the period under review, MIA also liquidated a number of subsidiaries, namely Luqa PV Farm Ltd, Gudja PV Farm Ltd, Gudja Two PV Farm Ltd and Gudja Three PV Farm Ltd, that were not undertaking any business activities.