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MAHB Records 30% Higher PBT for 1Q 2008

29 May 2008

Petaling Jaya, 29 May 2008 - Malaysia Airports Holdings Berhad (MAHB) has recorded a profit before taxation (PBT) of RM122.34 million for the three months ended 31 March 2008, improving its performance by a significant 30%, or RM28.26 million, from RM94.07 million reported for the same period last year.

Earnings before tax, interest, depreciation and amortisation (EBITDA) improved by 24.57%, or RM30.90 million, from RM125.75 million during the same period last year. Total revenue grew to RM409.86 million, 23.43% or RM77.81 million above the RM332.05 million recorded in the previous year's corresponding period.

Commenting on MAHB's improved financial performance, its managing director Dato' Seri Bashir Ahmad Abdul Majid attributed the increase in revenue and PBT to the improved contribution by its airport operations, retail, agriculture and event management businesses.

"Our total revenue growth of 23.43% was more than double that of overall passenger growth of 10.10% for the first three months of 2008 and this was achieved despite a 19% increase in operating expenses which was principally due to higher repair and maintenance, staff-related costs and event management cost", he added.

The airport operations segment revenue improved by 15.08%, or RM40.87 million, while the non-aeronautical segment revenue increased by RM25.36 million as a result of the 37.71% increase in rental of several newly opened outlets following higher passenger numbers. Revenue from retail business also grew by RM3.76 million.

In addition, the agriculture segment recorded an improvement of RM11.88 million, up 176.80% from the previous year's corresponding period, as a result of higher total crop harvested and the increase in fresh fruit bunch (FFB) price. Growth in the event management segment revenue also improved by RM17.95 million due to the higher revenue generated from the Formula One (F1) event.

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