BELGIUM. Macquarie Airports (MAp) reports that first-quarter results for the Brussels International Airport Company (BIAC) were above expectations, with EBITDA (earnings before net interest charges, income tax, depreciation and amortisation) showing a year-on-year increase of +31.7% to €28.6 million (US$36.8 million) in the three months to 31 March 2005.
In the same period, revenue increased by +8.8% to €68.2 million (US$88.8 million).
Macquarie Airports CEO Kerrie Mather said: “The three months to 31 March 2005 is the first full quarter since the addition of a 52% interest in Brussels Airport to the MAp portfolio in December 2004. [Growth in] revenue […] and EBITDA [were] both well ahead of total passenger growth. Total traffic growth for the period was +5.2% on the pcp which was a strong result when compared to the total growth of +2.9% for the full year 2004.
“This was an excellent performance driven by a focus on cost control and good underlying performance across all businesses. This result reinforces our firm belief in the long-term growth potential of the airport which will be realised as a number of initiatives are implemented through this year.
“Refurbishment of a significant area of the duty free shops was completed during the first quarter. This redesign is continuing through the second quarter to provide the airport with a world-class retailing precinct in readiness for the busy Summer period.
“MAp will continue to work closely with airport management during the second quarter of 2005, with the transitional working groups implementing a number of retail and commercial initiatives to introduce new products, enhance passenger service and improve the performance of the retail and catering, car park and property businesses. There will also be a proactive airline marketing programme initiated in order to increase the attractiveness of the airport to airlines, and increase service frequency and the choice of destinations for passengers.”
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