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MAHB Registers Double Digit Year-On-Year Passenger Growth At 15.08% For 9M10

29 October 2010

Petaling Jaya, 29 October 2010 - Malaysia Airports Holdings Berhad (MAHB) recorded a revenue of RM1,318.48 million for the nine months ended 30 September 2010 ("9M10"), representing a growth of 13.64% or RM158.23 million higher than the RM1,160.25 million recorded in the corresponding period in 2009 ("9M09"). Earnings before interest, tax, depreciation and amortization (EBITDA) improved by 10.73%, or RM48.34 million to RM498.91 million, from RM450.57 million in 9M09.

Profit before tax and zakat ("PBT") stood at of RM291.40 million, representing a decline of 9.52% compared to 9M09. This was mainly due to the adoption of Financial Reporting Standards 139 resulting in the higher share of losses in an associate company, namely Sabiha Gokcen International Airport Limited ("SGIA").

Stripping out the effects of FRS 139, the PBT for 9M10 was RM351.57 million, which was 9.16% or RM29.51 million higher than the RM322.07 million registered in 9M09.

"MAHB registered strong operating results in 9M10, where we saw the operating profit grew 16.58% or RM54.70 million to RM384.52 million, from RM329.83 million recorded in 9M09. After considering the FRS139 impact and other one-off transactions pursuant to our restructuring exercise, the Group had performed better operationally as reflected by the higher passenger and revenue numbers.", said its Managing Director, Tan Sri Bashir Ahmad Abdul Majid.

"The increase in revenue was attributed to stronger results from the airport operations segment, driven by strong recovery in air travel demand. Total passenger volume for 9M10 was 42.31 million, which was 15.08% higher than the corresponding period last year, where the international and domestic passenger movements grew by 25.19% and 7.00% respectively. Total aircraft movements grew by 9.35% to 430,233 aircrafts, with the international sector recording a higher growth of 12.30% compared to the domestic sector which registered a 7.81% growth."

"Following higher passenger numbers, revenue generated by our airport operations segment improved by 14.94% or RM159.42 million, to RM1,226.37 million. Aeronautical revenue grew 13.14% or RM74.20million to RM639.06 million resulting from higher passenger growth. Our non-aeronautical revenue recorded growth of 16.97% or RM85.22 million to RM587.31 million underpinned by growth in retail business and higher rental revenue derived from additional commercial space.", Tan Sri Bashir added.

MAHB's own retail business grew by 19.18% or RM47.48 million, to RM294.95 million from the corresponding period last year mainly due to increase in passenger volume. The revenue from rental of space, advertising and other commercials also grew by 14.82%, or RM37.75 million to RM292.37 million, contributed mainly by higher rental as a result of an increase in the number of outlets and concessionaires at the Satellite Building and LCCT, resulting from the increase in commercial space pursuant to the expansion of LCCT in April 2009 and subsequently the completion of the Satellite Retail Optimisation Programme (SROP) in November 2009.

The non-airport operations segment recorded a revenue of RM92.11 million, representing a decline of 1.27% or RM1.19 million, mainly due to lower revenue recorded in project and repair maintenance services as well as the agriculture segment by 16.43% and 6.01% respectively. The reduction in revenue from project and repair maintenance services was mainly attributed to the lower number of projects secured in 9M10. Despite the higher Fresh Fruit Bunch price, revenue from the agriculture segment was lower than 9M09 due to the lower total crop harvested (2010: 65,661MT/ RM509 vs. 2009: 76,555MT/ RM419) contributed by the clearing of a portion of the plantation land to make way for the construction of KLIA2. Nonetheless, the hotel business segment recorded a growth of 8.43% due to higher room rate, occupancy rate and F&B income.

Commenting on KLIA2, Tan Sri Bashir said, "KLIA2 being the largest purpose-built dedicated terminal for low cost carriers in the world is the critical ingredient for the full realization of KLIA as the Next Generation Hub ("NGH"). The NGH will provide connectivity for both legacy and low cost airlines, and for domestic and international travel. This not only emphasizes our commitment and support for low fare travel, but more so our conviction that this will take us to the next level of growth in air travel demand."

"IATA has reported that the industry recovery has been stronger and faster than anyone predicted, with Asia-Pacific which has eclipsed North America as the world's largest air travel market continuing to outperform the rest of the world. With MAHB's encouraging financial performance for 9M10, we are optimistic of a better year ending 2010" Tan Sri Bashir concluded.

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