Macquarie Has Fivefold Increase ; AVIATION

Australian-based airport investor Macquarie Airports Management – which agreed to sell its stake in Birmingham International Airport earlier this year – yesterday said its first half to June net profit rose nearly fivefold to 953 million Australian dollars (pounds 390 million).

In the first half last year, the company posted net profit of 203.7 million Australian dollars (pounds 83.4 million).

The Macquarie Bank group member also benefited from increased traffic through airports it has stakes in, which include Sydney, Brussels and Bristol.

Meanwhile, the company said it had agreed to acquire Macquarie International Infrastructure Fund’s 3.2 per cent stake in Brussels Airport for approximately 85 million dollars (pounds 34.8 million), bringing to almost one billion dollars (pounds 409.8 million) the amount it has invested in existing or new airport assets so far this year.

In its first half results, Macquarie Airport’s chief executive, Kerrie Mather, said earnings before interest, tax, depreciation and amortisation (EBITDA) in the company’s core portfolio rose by nine per cent from a year ago, supported by a 4.8 per cent rise in airport traffic.

She said the company is keeping its forecast for long term traffic growth at four to five per cent, while the group intends to enhance revenue yields through commercial initiatives and to boost EBITDA through operational efficiencies.

(c) 2007 Birmingham Post; Birmingham (UK). Provided by ProQuest Information and Learning. All rights Reserved.