Malaysia Airports shares up 0.8% on higher revenue but lower profits – Airport Share Wrap
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%.
Selected airports daily share price movements (% change): 25-Nov-09