MAHB’s Q2 earnings soar on unrealised fair value gain
PETALING JAYA: Malaysia Airports Holdings Bhd’s (MAHB) net profit for the second quarter ended June 30, 2018 soared 38.3% to RM86.12 million from RM62.26 million in the previous corresponding period, due mainly to an unrealised gain on the fair value of investment in GMR Hyderabad International Airport Ltd of RM258.4 million.
Its revenue expanded 5% to RM1.15 billion from RM1.1 billion.
However, its cost increased 2.8% to RM2.18 billion compared with the corresponding period last year, due mainly to construction cost in relation to the boarding hall expansion of Turkey’s Istanbul Sabiha Gokcen International Airport (ISGIA) amounting to RM68.1 million.
The group has proposed an interim dividend of 5 sen for the quarter under review.
For the first half of the year, MAHB reported a fourfold jump in net profit to RM530.72 million from RM126.54 million on the back of an 8.1% rise in revenue to RM2.37 billion from RM2.19 billion.
The group said in a filing with the stock exchange that its network of airports (including ISGIA) recorded 64.9 million passengers in the period under review of Jan 1, 2018 to June 30, 2018, representing a growth of 5.2% over the corresponding period last year. International passengers traffic improved 8.5% while domestic passengers traffic increased 2.4%.
MAHB expects it performance for the financial year ending Dec 31, 2018 to be better than the previous year driven by growth momentum in the Malaysian economy, moderate seat capacity expansion and stable growth in its operations in Turkey.
On Bursa Malaysia yesterday, MAHB gained 17 sen or 1.9% to RM9.30 on 6.74 million shares traded.