TURKEY. Leading airports group TAV reported net profit of €85 million in first half of 2014, up by +60% compared to the previous year. Revenue growth was just +3% (at €435 million), EBITDA climbed by +15% to €183 million, with passenger traffic up by +11%.
The company noted that retail revenue growth had been affected in the period by shop renovations in Istanbul Airport Departures, as well as by the weak Turkish Lira and Russian Rouble. Commissions from duty free sales dipped by -6% to €103 million with average spend per passenger down by -14%.
“Nevertheless,” said TAV Airports Holding CEO Sani Şener, “with the completion of shop renovations in April, we should expect normalisation in retail performance in the coming quarters.”
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Sani Şener: “With the completion of shop renovations in April, we should expect normalisation in retail performance in the coming quarters.” |
Şener added: “When we look at the projections on the future of aviation from various industry sources, we see without exception superior growth both inside and outside of our core geography. TAV Airports is changing gears to continue to take full advantage of this potential. We have come a long way and we have an even longer way to go.
“In less than two decades we managed to create one of the strongest brands that Turkey has to offer to the rest of the world. We have become a regional powerhouse in airport operations and have formed the largest airport platform in the world through our partnership with Aéroports de Paris. Now, I believe, we have all the tools we need at our disposal to transform TAV Airports into the globally recognized brand it well deserves to be. I and the rest of the TAV Airports family are working very hard to make this happen.
“While we are working on uncovering airport operations opportunities in new geographies, our service companies are also actively looking for and finding opportunities to diversify their businesses to new locations and to new business segments. In the coming years, we will see fresh business development opportunities both in airport operations and in our service companies, which will create new sources of growth and profitability.”
As we reported this week, ATÜ Duty Free was named preferred bidder for the Salalah Airport master commercial concession.
