MAHB’s Q2 net profit bolstered by higher revenue
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.”