MIA profits rise to €3.5 million in first six months of 2010, up by 16.5%

The interim financial results for MIA were approved during a meeting of the company’s board of directors yesterday, and were published today in a company announcement on the Malta Stock Exchange (MSE).

The company explained that the improved financial profitability during the first six months of 2010 reflected “the substantial increase in passenger number” during that period.

The Board of Directors of MIA had also approved a net interim dividend of €0.03 per share on all shares settled as at close of business on Monday 9 August 2010.

Passenger through-put during the first six-months of the 2010 financial year increased by 10.3%, the aircraft movements during the same period also increased by 7.9%, and cargo traffic for the January to June 2010 period went up by 7.3% when compared to the same period last year.

MIA plc’s turnover for the period was €22,186,118, as against €20,555,892 for the January to June 2009 period, which was 7.9% higher than the turnover for the same period last year.

Revenue from aviation fees increased by €1.5 million due to the increased number of passengers. There were also increases in non aviation revenues of €156,200 mainly from increased revenue from rental of property, car parking and recharges.

Staff costs had increased marginally during the first six months of the year from €4,503,719 in 2009 to €4,694,087 in 2010, an increase of 4.2%. Other operating costs went up from €8,002,522 in the first six months of 2009 to € 8,534,357 in the first six months of 2010, an increase of 6.6%. MIA explained this increase was “mainly due to increases in the electricity consumption due to the introduction of higher rates”.

The depreciation charge for the first six-months of the year decreased marginally from €2,697,281 in 2009 to €2,635,010 in 2010, a decrease of 2.3%.

On 1 June 2010 the nominal value of the Issued Share Capital of MIA plc was increased from €0.465874 to €0.50 by capitalisation of €2,308,624 from retained earnings.

The Issued Share Capital of the company was therefore increased from €31,516,376 to €33,825,000.

On the same date, MIA plc also executed a 2:1 share split whereby each share of a nominal value of €0.50 was divided into two shares of €0.25 each.

The total Issued Share Capital of the Company was therefore increased from 67,650,000 to 135,300,000 shares.