MAp's Rome and Birmingham continue to under-perform

Premium Analysis

Macquarie Airports (MAp) is happy with money-making Sydney,

Copenhagen and Brussels airports, but looking for ways to improve Aeroporti

di Roma's (AdR) performance, in which it only holds a minority shareholding.

In the three months ended 31-Mar-07, AdR reported 7.0% and 5.2% reductions in

revenue and EBITDA, respectively, despite an 8.9% rise in passenger traffic.

Furthermore, operating costs (excluding the benefit of the sale of AdR Handling)

rose 10.3%.

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