Malaysia Airports posts Q1 earnings of RM32m

  • Business
  • Tuesday, 05 May 2015

KUALA LUMPUR: MALAYSIA AIRPORTS HOLDINGS BHD (MAHB) posted earnings of RM32.57mil in the first quarter ended March 31, 2015 due to the fair valuation exercise and absence of construction profits.

MAHB said on Tuesday the decline of 74.6% from the earnings of RM128.71mil a year ago was after ISG and LGM – which owned a stake in the Istanbul Sabiha Gokcen International Airport -- recorded a loss before tax of RM25.5mil. 

“Owing to the fair valuation exercise on the acquisition of ISG and LGM, a further RM45.2mil loss was recognised primarily due to the amortisation of fair value for the concession rights,” it said. 

MAHB said revenue rose 12.1% to RM876.18mil from RM781.08mil. Earnings per share were 1.28 sen compared with 10.19 sen. Profit before taxation and zakat declined to RM39.3mil from RM179mil.

It added there were no construction profits recognised in the current quarter as compared to RM5.2mill accounted for a year ago due to the completion of klia2 in May 2014. 

“Excluding the construction profit as well as the results of ISG and LGM, the Group recorded a PBT of RM110.0mil in the current quarter under review as compared to RM173.7 million in the previous corresponding quarter.

“The unfavourable variance in PBT was mainly due to higher total costs by 36.4% or RM187.1 million (2015: RM701.1 million; 2014: RM514.0 million) primarily arising from klia2 which had yet to open in the previous corresponding quarter. 

The increase in these costs were attributable increases in depreciation and amortisation by 81.5% or RM53.9 million, finance costs by 568.3% or RM41.3mil, repair and maintenance costs 63.4% or RM21.3mil and staff costs by 13.9% or RM20.1mil. 

“The unfavourable variance in PBT was cushioned by an unrealised gain on foreign exchange of RM63.4mil, represented by the translation of the outstanding 279.2mil euro bridging loan. 

“Total costs for ISG and LGM for the current quarter under review was RM252.5mil, comprising mainly of finance costs, depreciation and amortisation and administrative cost amounting to RM111.4mil, RM85.2mil and RM22mil respectively,” it said.

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