MAHB’s Q2 net profit bol­stered by higher rev­enue

The Star Malaysia - StarBiz - - News -

PE­TAL­ING JAYA: Malaysia Air­ports Hold­ings Bhd’s (MAHB) net profit for its sec­ond quar­ter ended June 30, rose 38% to RM86.12mil from RM62.26mil in the pre­vi­ous cor­re­spond­ing pe­riod, bol­stered by higher rev­enue dur­ing the pe­riod.

In a fil­ing with Bursa Malaysia yes­ter­day, the air­port op­er­a­tor said cost had in­creased by 2.2% or RM23.8mil from a year ago due to the con­struc­tion works to ex­pand the board­ing hall of Is­tan­bul Sabiha Gok­cen In­ter­na­tional Air­port (ISGIA) amount­ing to RM42.3mil.

MAHB said pre-tax profit for its Malaysian op­er­a­tions in­creased by 11.5% to RM179.1mil.

Com­ment­ing on its Turkey op­er­a­tions, MAHB said there was a loss be­fore tax of RM57.4mil, while Qatar op­er­a­tions recorded a pre-tax profit of RM3.9mil.

Mean­while, rev­enue in the sec­ond quar­ter in­creased to RM1.15bil from RM1.10bil a year ear­lier.

How­ever, MAHB said its aero­nau­ti­cal seg­ment’s rev­enue dipped by 0.5% to RM538.3mil.

Its non-aero­nau­ti­cal seg­ment rose by 3.6% to RM506.8mil, un­der­pinned by stronger sales reg­is­tered by the con­ces­sion­aires and re­tail­ers.

How­ever, non-air­port op­er­a­tions saw a 3.5% de­cline or RM2.4mil due to lower rev­enue from project and re­pair main­te­nance, ho­tel and agri­cul­ture busi­ness.

“Over­all, Malaysia op­er­a­tions has recorded a slight de­cline in rev­enue by 1.3% to RM820.4mil.

“How­ever, Turkey and Qatar op­er­a­tions recorded rev­enue growth of 26.8% to RM299.9mil and 7.8% to RM34.4mil re­spec­tively,” it said.

For the six months pe­riod ended June 30, 2018, MAHB’s net profit jumped to RM530.72mil from RM126.54mil in the pre­vi­ous cor­re­spond­ing pe­riod, while rev­enue grew to RM2.37bil from RM2.19bil a year ear­lier.

Its pre-tax profit in­creased to RM598.3mil from RM189.1mil a year ago, the com­pany said.

“The higher group pre-tax profit was mainly due to un­re­alised gain on the fair value of in­vest­ment in GMR Hy­der­abad In­ter­na­tional Air­port Ltd amount­ing to RM258.4mil and higher rev­enue of RM177.2mil.”

Com­ment­ing on its prospects, MAHB said its net­work of air­ports (in­clud­ing ISGIA) recorded 64.9 mil- lion pas­sen­gers in the first half of 2018, rep­re­sent­ing a growth of 5.2% over the cor­re­spond­ing pe­riod last year.

“In­ter­na­tional pas­sen­gers traf­fic im­proved by 8.5% while do­mes­tic pas­sen­gers traf­fic in­creased by 2.4%. Air­craft move­ments im­proved by 2.6%. The in­ter­na­tional air­craft move­ments in­creased by 8.7% while the do­mes­tic air­craft move­ments de­clined by 1%.”

MAHB ex­pected the per­for­mance of the group for the fi­nan­cial year end­ing Dec 31, to be bet­ter than the pre­vi­ous year, due to Malaysia’s eco­nomic growth that is ex­pected to con­tinue its mo­men­tum this year.

“Com­bined with mod­er­ated air­lines seat ca­pac­ity fil­ings, pas­sen­ger growth for the next six months is ex­pected to be pos­i­tive.”

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