So far, the rating agency said MAHB had not been directly exposed to expansion-related risk because the Malaysian government retains the primary responsibility of developing new airport capacity.
KUALA LUMPUR: Malaysia Airports Holdings Bhd
’s (MAHB) net profit plunged over 66.3% to RM149.58mil in the first quarter ended march 31 against RM444.59mil in the same quarter a year ago.
The group’s pre-tax profit (PBT) stood at RM164.6mil as compared to RM472.7mil in the corresponding quarter last year, due to the one-off gains recorded in the corresponding quarter last year in relation to the fair valuation of investment in GMR Hyderabad International Airport Limited (GHIAL) amounting to RM258.4mil and gain on disposal of investment in GMR Male Private Limited (GMIAL) amounting to RM28.2mil.
Excluding the one-off gains, MAHB’s PBT decreased by 11.6% or RM21.5mil as compared to the corresponding quarter last year due to higher expenditure, mainly on utilities due to increase in tariff effective July 2018 and maintenance recorded during the period.
The airport operator’s revenue in the first quarter grew 3.0% over the corresponding quarter last year to RM1.25bil on the back of increased overall passenger growth of 3.7%.
In the notes accompanying its financial results, MAHB said its airport operations recorded a revenue growth of 2.5% to RM1.17bil. Revenue from the aeronautical segment has increased by 9.9% to RM646.5mil over the corresponding quarter last year.
Malaysia operations recorded passenger growth of 3.7% (international: +0.8%, domestic: +7.0%) to 25.3 million passengers as compared to the corresponding quarter last year of 24.4 million passengers.
The passenger traffic for Turkey operations increased by 3.8% (international: +20.0%, domestic: -3.8%) to 8.1 million passengers as compared to 7.8 million passengers recorded in the corresponding quarter last year.
However, non-aeronautical segment decreased slightly by 0.6% to RM525.6mil as compared to the corresponding quarter last year.
Non-airport operations increased by 10.4% or RM7.5mil due to higher revenue from the project segment.
Overall, Malaysia operations recorded revenue of RM931.7mil with growth of 2.6%, whilst Turkey and Qatar operations recorded revenue growth of 2.6% to RM279.7mil and 17.5% to RM40.9mil respectively.
Moving forward, MAHB said the future seat capacity filings by airlines remain above expectations and MAHB remains optimistic that the projected 4.9% growth for 2019 will be achieved.
It added that the domestic traffic correction and consolidation is expected to continue while the international sector may also see improvement.
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