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

MAp Group released the financial report for Brussels Airport for the three months ended 31-Mar-2010.

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:

Share price movements: 28-Apr-2010