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MAHB Registers Double Digit Year-On-Year Passenger Growth At 21.07% For 1Q10

17 May 2010

Petaling Jaya, 17 May 2010 - Malaysia Airports Holdings Berhad ("MAHB") recorded a total revenue of RM436.41 million for the three months ended 31 March 2010 ("1Q10"), representing a growth of 11.89% or RM46.38 million higher than the RM390.03 million recorded in the corresponding period in 2009 ("1Q09"). Earnings before interest, tax, depreciation and amortization (EBITDA) improved by 13.22%, or RM22.27 million to RM190.69 million, from RM168.42 million in 1Q09.

Profit before tax ("PBT") stood at of RM119.13 million, representing a decline of 4.90% compared to 1Q09. This was mainly due to the adoption of Financial Reporting Standards 139 ("FRS 139") Financial Instruments: Recognition and Measurement, resulting in a higher share of losses in an associate company, namely Sabiha Gokcen International Airport Limited ("SGIA"). MAHB owns a 20% equity stake in SGIA which develops, operates and manages an airport in Istanbul, Turkey.

This is MAHB's first-time adoption of FRS 139, which is a requirement in Malaysia effective 1st January 2010. Under FRS 139, all financial instruments have to be stated at fair value.

Stripping out the effects of FRS 139, the PBT for the current quarter was RM139.92 million, which was 11.70% or RM14.65 million higher than the RM125.27 million registered in 1Q09.

Commenting on MAHB's financial performance, its managing director Tan Sri Bashir Ahmad Abdul Majid attributed the increase in revenue due to stronger results from the airport operations segment, driven by strong recovery in air travel demand. Total passenger volume for the quarter was 13.45 million, which was 21.04% higher than the corresponding period last year, where the international and domestic passenger movements grew by 31.43% and 12.72% respectively. Total aircraft movements grew by 11.58% to 139,843 aircrafts, with the international sector recording a higher growth of 12.93% compared to the domestic sector which registered a 10.78% growth. "Following higher passenger numbers, revenue generated by our airport operations segment improved by 12.04% or RM43.91 million, to RM408.59 million. Aeronautical revenue grew 4.81% or RM9.41 million to RM205.16 million resulting from higher passenger growth. Our non-aeronautical revenue recorded growth of 20.42% or RM34.50 million to RM203.43 million underpinned by growth in retail business and higher rental revenue derived from additional commercial space."

MAHB's own retail business grew by 24.71% or RM19.84 million, to RM100.15 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 16.53%, or RM14.65 million to RM103.29 million, contributed by higher rental as a result of an increase in commercial space and appointment of new concessionaires following 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 RM27.82 million, representing an increase of 9.77% or RM2.48 million, contributed by higher revenue in hotel services due to higher occupancy and income from food & beverages; and higher income from agriculture and horticulture resulting from increase in fresh fruit bunch price albeit lower total crop harvested. The project and repair maintenance services however, recorded a marginally lower revenue.

"MAHB have shown resilience in the face of adversity and we managed to turn in a performance that exceeded expectations in FY2009. The flexibility shown by the aviation sector to adapt itself to a volatile market has made it stronger, and we believe MAHB is well-positioned to ride the growth with positive signs of recovery in FY2010. The FRS 139 is mainly an accounting treatment and it does not impact MAHB's operations and cash flow position, and we expect our operations to continue to grow steadily moving forward", Tan Sri Bashir concluded.


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