TAV Airports reports first-quarter revenue and earnings surge
Source: ©The Moodie Report
By Gavin Lipsith, Contributing Editor
Tav Airports CEO Mustafa Sani Sener: Hailed a strong Q1 2012 performance
Turkish airport and duty free operator TAV Airports Holdings has reported a +19% increase in first-quarter consolidated revenue, to €211 million. The company attributed the growth to additional first-quarter passenger traffic of 1.5 million passengers after taking over of the operation of Izmir Adnan Menderes airport’s domestic terminals, as well as a +35% increase in passenger traffic at its Monastir and Enfidha-Hammamet airports In Tunisia.
EBITDA for the quarter grew by +33%, with EBITDA margin growing by 2.4 percentage points. Profit reached €12 million, marking the first time the operator has been profitable in the first three months of the year since its initial public offering in 2007.
TAV Chief Executive Officer and President Mustafa Sani Şener said: “Due to the seasonal nature of our business, the beginning of the year is usually slow with the first-quarter results generally therefore being weak. This year, we are very happy to close the first quarter with an after tax net profit of €12 million compared to a net loss of €14 million in the first quarter last year.”
TAV Airports operates 12 airports: Istanbul Atatürk, Ankara Esenboga, Izmir Adnan Menderes and Antalya Gazipasa airports in Turkey; Tbilisi and Batumi airports in Georgia; Monastir and Enfidha-Hammamet airports in Tunisia; and Skopje and Ohrid airports in Macedonia.
The company also operates the duty free and commercial areas at Riga International Airport in Latvia and will be taking over the operations of Medinah Airport, the first ariport privatization project in Saudi Arabia, later this year.