27 April 2013
Malaysia Airports Holdings Bhd (MAHB) posted improved earnings and revenue for the first quarter on higher construction revenue from the building of klia2 and the expansion of the Penang International Airport.
MAHB’s net profit rose 22.71% to RM126.07mil for the period ended March 31, on a 56.18% increase in revenue to RM1.03bil. Earnings per share rose to 10.37 from 9.22 sen.
For the quarter, MAHB had cash and cash equivalents of RM340.13mil versus RM1.21bil previously.
MAHB derived its earnings from airport operations, airport services, agriculture and horticulture, hotel, and project and repair maintenance.
Airport operations, which consist of duty-free, non-duty-free outlets, and food and beverage outlets delivered the bulk of the profits.
For airport operations, revenue for the quarter came from construction revenue of RM454.6mil compared with RM146.6mil a year earlier.
“Excluding the construction revenue, the airport operations revenue increased by 12%, or RM58.6mil, mainly contributed by a positive growth of 13.4%, or RM32.4mil, from aeronautical revenue,” MAHB told Bursa Malaysia.
Airport operations revenue was also gained from higher non-aeronautical revenue of 11%, or RM26.1mil. The improvement came on the back of higher commercial and retail revenue, which were driven by higher passenger growth.
Meanwhile, the group’s retail business improved by 8.2%, or RM10.7mil.
For the period, passenger movements were 8.7% higher than the corresponding period last year, in which international and domestic passenger movements increased 12.2% and 5.4%, respectively.
Net revenue from non-airport operations for the quarter increased 8.8%, or RM2.9mil. This was mainly derived from the project and repair maintenance segment by more than 100%, or RM7.8mil.
“However, the positive variance was negated by the decrease in the agriculture and hotel segments of 33.1% or RM3mil and 8.9% or RM1.9mil respectively,” MAHB said.