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MAHB's profit down, but outlook remains positive

Malaysia

Airports Holdings Bhd (MAHB), operator of 38 airports in Malaysia, including

Kuala Lumpur International Airport (KLIA), reported a 7.0% year-on-year fall

in net profit in the 12 months ended 31-Dec-07, mainly due to higher depreciation

charges caused by adopting new Financial Reporting Standards. MAHB’s airport

services division (which accounts for 64% of total revenue) continued to contribute

significantly to overall revenue. However, within this segment, revenue and

EBITDA fell 1.8% and 6.4%, respectively, reflecting an 11.1% fall in other operating

income. Total income per passenger also fell 4.7%, while total income per employee

fell 18.3%, reflecting a 19.3% increase in staff numbers.

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