27 January 2014
Malaysia Airports Holdings Bhd (MAHB) final quarter net profit fell 38% to RM48.51 million from previous year’s corresponding quarter on lower construction income, higher staff cost, and more losses from its Turkish unit.
A doubling to RM66.2 million in airport concession payment to the Malaysian goverment had also curbed MAHB’s profit.
In a statement to Bursa Malaysia today, MAHB said net profit fell to RM48.51 million in the fourth quarter ended December 31, 2013 (4QFY13) from RM78.03 million. Revenue dropped to RM1.12 billion from RM1.33 billion.
"Included in the profit before tax (PBT) for the current quarter was a construction profit of RM20.0 million, a decrease of 39.5% or RM13.1 million as compared to the same period in the previous year.
"The unfavourable PBT variance was mainly due to the increase in user fee by more than 100% from RM27.9 million to RM66.2 million, higher employee benefit by 40.4% or RM50.6 million and higher share of associate company? loss absorbed during the current quarter," MAHB said.
The user fee is paid to the Malaysian government for airport concessions granted to MAHB.
According to MAHB, the group had registered higher losses from its Turkey unit Istanbul Sabiha Gokcen International airport during the quarter.
MAHB said it had posted lower revenue in 4QFY13 on lower income from construction of the klia2 and expansion of the Penang International Airport.
MAHB’s full-year net profit fell to RM388.93 million from RM394.46 million a year earlier. Revenue however rose to RM4.1 billion from RM3.55 billion.
Looking ahead, MAHB said it is targeting passenger growth of 9.7% in 2014.
The passenger growth forecast is in anticipation of higher passenger movements when klia2 starts operations on May 2 this year.
"However, klia2 is expected to incur higher operating expenditure due to its much larger capacity to accommodate for future growth in passenger and aircraft movements.
"Notwithstanding the above, MAHB’s performance is expected to further improve from 2015 onwards with the full year operations of klia2. As MAHB continues on its journey, it is clearly taking flight towards operational efficiency and profitability," MAHB said.
SUMMARY OF KEY FINANCIAL INFORMATION – 31/12/2013
|INDIVIDUAL PERIOD||CUMULATIVE PERIOD|
|Current Year Quarter||Preceding Year Corresponding Quarter||Current Year To Date||Preceding Year Corresponding Period|
|2||Profit/(loss) before tax||82,436||134,808||551,083||602,756|
|3||Profit/(loss) for the period||48,506||78,027||388,992||394,460|
|4||Profit/(loss) attributable to ordinary equity holders of the parent||48,506||78,027||388,934||394,460|
|5||Basic earnings/(loss) per share (Subunit)||3.94||6.43||31.73||33.24|
|6||Proposed/Declared dividend per share (Subunit)||0.00||0.00||0.00||0.00|
|As At End Of Current Quarter||As At Preceding Financial Year End|
|7||Net assets per share attributable to ordinary equity holders of the parent ($$)||3.8049||3.6027|