KUALA LUMPUR: Malaysia Airports Holdings Bhd net profit for the second quarter ended June 30, 2011 jumped 37.4% to RM81.92 million from RM59.62 million a year earlier due mainly to a positive growth in revenue.
MAHB said on Thursday, July 28 that its revenue for the quarter rose to RM654.23 million from RM525.01 million in 2010.
Earnings per share was 7.45 sen while net assets per share was RM3.08.
For the six months ended June 30, MAHB's net profit rose to RM170.05 million from RM132.75 million a year earlier, on the back of revenue RM1.26 billion compared to RM1.02 billion in 2010.
Reviewing its performance, MAHB said the improved revenue was mainly attributed to the effects of adopting IC 12 which resulted in recognition of CONSTRUCTION [] revenue in relation to the construction of Klia2 and expansion of Penang International Airport in the current quarter.
Stripping out the construction revenue, the consolidated revenue for the current quarter and financial period-to-date under review was higher than the same corresponding period in the previous year by 8.4% or RM36.4 million and 6.4% or RM55.4 million respectively, it said.
MAHB said the improvement in revenue for the quarter under review was mainly contributed by a positive growth of 7.3% from airport operations, driven by an increase in non-aeronautical revenue of 14.9% which was mostly derived from the group's retail business.
It said passenger movements were 6.8% higher year-on-year, in which the international and domestic passenger movements increased by 2.6% and 11% respectively.
The improvement in revenue for the financial period-to-date under review was mainly due to a 5.4% growth in the airport operations business, as well as a 19.6% growth in the non-airport operations businesses, it said.
Positive growth in the airport operations was driven by a 16.3% improvement in the retail business, it said.
Passenger movements for the financial period-to-date under review were 12.6% higher than the corresponding period last year, in which the international and domestic passenger movements grew 13.5% and 11.8% respectively.
Commenting on its prospects, MAHB said it continues to benefit from the economic growth in Malaysia, the Asean region and other countries within the emerging markets.
The expected future GDP growth as well as increases in tourism and consumer spending in these markets would provide positive support to its operational and growth objectives, said MAHB.
The local economy is expected to further grow, leveraging on the Economic Transformation Programme implemented by the government, it said.
'The airport operations segment is expected to continue contributing positively to the consolidated revenue of the group in 2011.
'The aeronautical revenue streams would be highly dependent on passenger movements at all airports operated by the group,' it said.
MAHB pointed out that the International Air Transport Association (IATA) had recently estimated a 4.4% world passenger traffic growth for 2011, down from an earlier forecast of 5.6% in March.
'The cargo growth forecast was cut to 5.5% from 6.1%. The lower estimates were in view of higher oil prices, political protests in the Middle East and North Africa, as well as the natural disasters in Japan.
'Nevertheless, to date the overall impact of these factors to MAHB have been relatively low, and at this juncture MAHB is optimistic that the passenger traffic performance at the airports operated by the group will remain positive in 2011,' it said.
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MAHB said on Thursday, July 28 that its revenue for the quarter rose to RM654.23 million from RM525.01 million in 2010.
Earnings per share was 7.45 sen while net assets per share was RM3.08.
For the six months ended June 30, MAHB's net profit rose to RM170.05 million from RM132.75 million a year earlier, on the back of revenue RM1.26 billion compared to RM1.02 billion in 2010.
Reviewing its performance, MAHB said the improved revenue was mainly attributed to the effects of adopting IC 12 which resulted in recognition of CONSTRUCTION [] revenue in relation to the construction of Klia2 and expansion of Penang International Airport in the current quarter.
Stripping out the construction revenue, the consolidated revenue for the current quarter and financial period-to-date under review was higher than the same corresponding period in the previous year by 8.4% or RM36.4 million and 6.4% or RM55.4 million respectively, it said.
MAHB said the improvement in revenue for the quarter under review was mainly contributed by a positive growth of 7.3% from airport operations, driven by an increase in non-aeronautical revenue of 14.9% which was mostly derived from the group's retail business.
It said passenger movements were 6.8% higher year-on-year, in which the international and domestic passenger movements increased by 2.6% and 11% respectively.
The improvement in revenue for the financial period-to-date under review was mainly due to a 5.4% growth in the airport operations business, as well as a 19.6% growth in the non-airport operations businesses, it said.
Positive growth in the airport operations was driven by a 16.3% improvement in the retail business, it said.
Passenger movements for the financial period-to-date under review were 12.6% higher than the corresponding period last year, in which the international and domestic passenger movements grew 13.5% and 11.8% respectively.
Commenting on its prospects, MAHB said it continues to benefit from the economic growth in Malaysia, the Asean region and other countries within the emerging markets.
The expected future GDP growth as well as increases in tourism and consumer spending in these markets would provide positive support to its operational and growth objectives, said MAHB.
The local economy is expected to further grow, leveraging on the Economic Transformation Programme implemented by the government, it said.
'The airport operations segment is expected to continue contributing positively to the consolidated revenue of the group in 2011.
'The aeronautical revenue streams would be highly dependent on passenger movements at all airports operated by the group,' it said.
MAHB pointed out that the International Air Transport Association (IATA) had recently estimated a 4.4% world passenger traffic growth for 2011, down from an earlier forecast of 5.6% in March.
'The cargo growth forecast was cut to 5.5% from 6.1%. The lower estimates were in view of higher oil prices, political protests in the Middle East and North Africa, as well as the natural disasters in Japan.
'Nevertheless, to date the overall impact of these factors to MAHB have been relatively low, and at this juncture MAHB is optimistic that the passenger traffic performance at the airports operated by the group will remain positive in 2011,' it said.
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