MAp 1Q2011 proportionate earnings down on AUD appreciation

Australia's MAp reported (05-May-2011) proportionate profits fell 8.6% year-on-year to AUD92.1 million due to the appreciation o the Australian dollar. Detailed financial highlights for the three months ended 31-Mar-2011 are as follows:

• Airport revenue: AUD260.8 million, +4.2% year-on-year*;
• Total EBITDA: AUD179.0 million, +3.8%;
• Total airport EBITDA pre specific gains/losses: AUD184.1 million, +3.7%;
  • Sydney Airport: AUD143.1 million, +3.4%;
  • Copenhagen Airport: AUD19.5 million, +2.7%;
  • Brussels Airport: AUD21.4 million, +6.7%;
• Proportionate profit: AUD92.1 million, -8.6%;
• Passenger numbers: 9.5 million, +2.7%
• Airport net debt: AUD5439 million, +1.4% when compared with the period ended 31-Dec-2010. [more]

* Year-on-year % change based on pro forma results in 1Q2010

MAp: "Although proportionate earnings were impacted by the significant appreciation of the Australian dollar relative to European currencies over the last 12 months, each of MAp's airports delivered operational growth. Revenue and EBITDA growth continued to exceed traffic growth as a result of ongoing aeronautical and commercial initiatives," Kerrie Mather, CEO. Source: MAp, 05-May-2011.