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Malaysia Airports shares up 0.8% on higher revenue but lower profits – Airport Share Wrap

26-Nov-2009

Malaysia Airports Holdings Bhd (MAHB) reported a profit of MYR83.5 million for the three months to 30-Sep-2009, sending its shares up 0.8% yesterday. Revenue rose 3.4% year-on-year, to MYR377.4 million, mostly due to strong domestic and international passenger traffic growth at Kuala Lumpur in the quarter. International passenger traffic at other MAHB airports increased 22.7% year-on-year in the quarter.

Cargo traffic is still contracting, down by 2.8% at Kuala Lumpur International Airport and by more than a quarter at other Malaysian airports.

MAHB’s EBIT dropped 17.1%, mostly due to higher finance and depreciation costs as well as lower contribution from the non-airport operations.

Shares in European airports and construction/operator groups fell on Wednesday, with Vienna Airport down 2.8%, trailed by TAV Airports (-1.5%), Hochtief (-1.1%), Zurich (-0.5%), Ferrovial (-0.2%) and Copenhagen (-0.2%). Also down were Australian airport investment companies, with MAp dropping 0.4% and Australian Infrastructure Fund down 0.3%.

Hainan Meilan Airport shares jumped 12.9% as the company continues to surge on the Hong Kong Stock Exchange. The shares have gained better than 50% since the start of Nov-2009.

Selected airports daily share price movements (% change): 25-Nov-09

 


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