Malaysia Airports profits up but underlying statistics cause concern as MAS shares fall

Malaysia Airports Berhad (MAHB) has reported its financial highlights for the three months ended 31-Mar-2011. Net profit was up by 20% but EBITDA and the EBITDA margin were down. Revenues per passenger movement and per aircraft movement also fell. There is still strong growth in the low-cost segment but MAS, having turned its financial woes around in 2010, has recently reported a poor first quarter.