MAp reports “pleasing” results at Brussels Airport in 1Q2010

Revenue jumped 4.5% year-on-year to EUR78.3 million while operating costs were down 4.6% year-on-year to EUR40.4 million. The EBITDA result of EUR37.6 million rose 19.4% year-on-year, while capital expenditure decreased 36.2% year-on-year to EUR8.8 million. Property and Real Estate was the only revenue stream to decline in the period. Highlights included:

• Aeronautical: EUR47.3 million, +4.8%;
• Retail: EUR10.9 million, +7.9%;
• Property and Real Estate: EUR9.6 million, -4.5%;
• Car Parking and Car Rental: EUR5.7 million, +8.7%;
• Commercial Trading and Other: EUR4.7 million, +10.1%.

MAp CEO, Kerrie Mather, stated the operational leverage displayed by the airport is "particularly pleasing", with adjusted EBITDA increasing by 16.5%, on traffic growth of 2.6%. Ms Mather added the performance is "largely" due to "permanent improvements in efficiency" achieved over the past six months.

Shares in MAp fell 2.8% yesterday as the Australian stock exchange caught up with the PIGS-inspired sell-off on global equity markets. MAp fell a further 0.3% in trade on the ASX today.

Today's edition of Airport Business Daily contains the full financial/traffic report for Brussels Airport, operated by MAp. Other reports in today's edition include:

• Amsterdam Airport Schiphol reports 8.4% rise in Mar-2010 pax;
• Visitor arrivals to Malta up 7% in Mar-2010;
• Brisbane Airport reports 2.4% rise in Mar-2010 pax;
• Narita Airport reports 12% rise in Mar-2010 pax;
• Grupo Aeroportuario del Pacífico (GAP) reports net profit up 37% in 1Q2010;
• Las Vegas McCarran Airport reports 4% drop in Mar-2010 pax.

Share price movements: 28-Apr-2010