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Aeroporti di Roma announces second quarter results


ROME (Macquarie Airports) - AdR reported EBITDA (earnings before interest, tax, depreciation and amortisation) of €68.6million for the quarter to 30 June 2005, representing a 12.2% increase on the previous corresponding period (pcp). EBITDA for the six months to 30 June 2005 was €119.9million representing an 8.7% increase on the pcp.

Macquarie Airports (MAp)1 CEO, Ms Kerrie Mather said, “AdR has delivered a good result for the second quarter and half year period with EBITDA growth for the second quarter of 12.2% on the pcp. Initiatives put in place over the past two years to grow passenger numbers, improve duty free retailing and carparking, and a greater focus on cost control are all contributing to the positive results.

“Traffic at Fiumicino grew by 4.7% over the pcp to 13.7 million passengers and at Ciampino grew by 65.4% over the pcp to reach 1.9 million passengers for the first half of 2005. Total traffic growth for the period was up 9.5% on the pcp ,” Ms Mather said.

“Duty free revenue per passenger for the first half grew by 8.0 % over the pcp , largely due to improvements made to the duty free retailing facilities and product offering. Retail revenue is the largest source of non-aeronautical revenue at AdR, and further initiatives are planned to continue to improve the overall retail performance during the year.

“The ongoing focus on cost control at AdR is also producing pleasing results. For the six months to 30 June 2005, total costs have grown by 3.4% on the pcp, a rate well below the growth in passengers. Cost control initiatives have delivered a 10% reduction in labour costs per passenger,” Ms Mather said.

“Continued t raffic growth is expected, particularly at Ciampino where low cost carriers plan new services over the next few months. Car parking will continue to produce good returns and the results from changes in retail concessionaires are likely to have a positive impact on the results in the second half of the year.

“The recent performance of AdR has led Moody's Investors Service to upgrade the outlook for AdR to positive from stable.

“The review of non core assets is progressing well and AdR has received significant interest for both for its investments in ACSA (Airports Company South Africa) and AdR Handling” Ms Mather said.

Provisions for risks and charges during the half year decreased to €6.5million from €7.2million in the pcp, and other income was €1.1million for the period compared to a loss of €1.4million for the pcp.

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