MAHB's Q2 net profit jumps 86% to RM160.08m

PTJ10_250819_KLIA

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) recorded a net profit of RM160.08mil in the second quarter ended June 30, 2019, an 86% jump over the same quarter last year.

According to MAHB, there was improved revenue across its various operation segments, led by airport operations which expanded 9.6% to RM1.19bil.

The non-aeronautical segment grew 4.2% year-on-year (y-o-y) to RM528.2mil while non-airport operation revenue expanded 2.7% from higher contributions from the project and repair maintenance business.

In terms of passenger traffic, the domestic operations experienced 5.3% y-o-y passenger growth to 25.7 million passengers while the Turkey airport saw 3.6% more passengers passing through for a total of 8.7 million passengers.

For the quarter under review, profit before zakat and tax (PBT) rose to RM201.6mil from RM125.6mil in the previous corresponding quarter.

While the Malaysian operations managed to grow PBT by 21.7% to RM218mil, the Turkey operations posted a loss before tax of RM16.5mil, representing a 71.2% improvement over the loss recorded in Q2 last year.

The Qatar operations recorded a lower PBT of RM100,000 versus RM3.8mil in the same quarter last year.

Meanwhile, the group's share of associate profits dropped to RM3mil from RM6.1mil in the previous corresponding quarter while share of joint venture profits grew 10.9% to RM5.1mil.

For the first six months of 2019, MAHB's net profit dipped 41.65% over the same period last year to RM309.66mil on the back of 6% higher revenue of RM2.51bil.

Recall that in Q1 2018, MAHB's performance benefited from one-off gains of about RM286mil from the fair valuation of investment in a joint venture in Hyderabad and a gain on disposal of its stake in a Maldives airport project.