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MAp reports loss on the back of a 76% fall in revenue in 2009

25-Feb-2010 11:07 AM
Australia's MAp Group reports (25-Feb-2010) the following financial highlights for the 12 months ended 31-Dec-2009:
  • Revenue: USD1,083 million, -75.8% year-on-year, due to the "de-consolidation" of Brussels and Copenhagen airports and lack of re-valuation gains;
  • Operating costs: USD1,755 million, -29.3%;
  • Profit (loss) before tax: (USD672.3 million), compared to a profit of USD1,996 million in the previous corresponding period;
  • Net Profit (loss): (USD511.3 million), compared to a profit of USD1,848 million in the previous corresponding period;
    • Proportionate Earnings for the 12 months ended 31-Dec-2009:
      • Passenger numbers: 44.8 million, -5.0%;
      • Airport investment revenue: USD1,127 million, -2.3%;
      • Airport investment EBITDA: USD675.9 million, +1.1%,
    • MAp’s core portfolio performance:
      • Sydney Airport:
        • Passenger numbers: +0.4%;
        • Revenue: +5.0%;
        • EBITDA (before specific items): +5.6%
      • Copenhagen Airports:
        • Passenger numbers: -8.4%;
        • Revenue: -6.0%;
        • EBITDA (before specific items): -7.8%;
      • Brussels Airport:
        • Passenger numbers: -8.2%;
        • Revenue: -3.8%;
        • EBITDA (before specific items): -6.2%. [more]
        *Based on the conversion rate at USD1 = AUD1.12

MAp: "We achieved a solid financial performance in the most challenging environment for the aviation industry since we listed in April 2002. We also successfully transitioned to become a stand alone entity and, as a result, base management and performance fees have been replaced by less volatile and significantly lower operating expenses. We are enthusiastic about the prospects for a stand alone MAp and will continue to build on the strong foundations that we have already created...The Boards and management of MAp believe the long term growth prospects for the aviation industry and for MAp’s airports remain strong. 2010 is expected to be a year of continued recovery in the aviation sector with traffic growth already evident across MAp’s core portfolio," Company Statement. Source: MAp, 25-Feb-2010.