Malaysia Airports Holdings Bhd (MAHB) recorded a net profit of RM132.11 million in the first half of the financial year ended June 30, 2010, 14% lower from RM153 million in the same period last year, as the adoption of FRS139 accounting standard beginning form this financial year led to larger losses from associate companies.
Revenue, however, grew 11.41% to RM872.19 million from RM782.89 million in 2009, driven by strong passenger traffic growth of 20% and non airport revenue such as retail, rental and royalty recorded an impressive growth of 20.8% and 11.065 respectively.
MAHB chairman Tan Sri Bashir Ahmad Majid said passenger traffic is expected to grow by 10% to 12% this year and expects two new airlines to fly in before the end of the year. MAHB is also exploring the option of raising up to RM3.1 billion in funding, mainly through the issuance of sukuk and bonds to prepare the company for international and domestic expansion.
However, chief financial officer Faizal Mansor said the airport operator has not finalised the total amount to be raise.
"We embarked on a non deal road show two weeks ago for the RM2.5 billion sukuk to fund the CONSTRUCTION [] of the new Low Cost Carrier Terminal and was told that we could gear up to RM3.1 billion without affecting our triple AAA ratings.
"We are now finalising the amount that are needed for the first trench which we will announce later," said Faizal.
Written by Tony C H Goh
The Edge Malaysia
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