Issue link: https://maltatoday.uberflip.com/i/751614
maltatoday, WEDNESDAY, 16 NOVEMBER 2016 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way MIA records increases in revenue and passenger traffi c Malta International Airport re- corded a 4.5% increase in its revenue and a 7.% increase in the number of passengers. Yesterday, MIA issued an Interim Directors' Statement updating the market on its performance during the first nine months of the year. The financial position of the group has remained sound and the performance during the period under review has been much better than expected. During the January-September period, MIA recorded a 4.5% increase in total revenue to €55.5 million largely due to the 5.7% increase in revenue from the group's aviation related services to just over €39 million. This was due to the 7.5% increase in passenger movements to a record 3.89 million when compared to the same period last year on the back of a 5.3% increase in seat capacity and a 1.7 percentage point increase in the seat load factor to 83.4%. MIA also generated a 1.6% increase in its non-aviation related income to €16.5 million. The group's expenses during the period under review only increased by 0.7% to €23.48 million. As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 7.4% to €32.04 million and the group's net profit edged 10% higher to €17.07 million which translates into an earnings per share of €0.126 compared to €0.115 in the first nine months of 2015. During the first nine months of 2016, the group's total assets grew by 3.5% to €177.97 million largely due to the 46.3% increase in trade receivables to €17.26 million. Similarly, total liabilities also grew by 2.7% to €96.75 million as the 5.2% increase in trade receivables to €26.9 million and the increase in tax payable to €4.7 million offset the 4.3% drop in bank loans to €54.6 million. Overall, equity base expanded by 4.6% to €81.2 million largely reflecting the profit registered during the period under review. During the month of October, MIA registered a 10.4% increase in passenger movements to over half-a-million passengers, which the Board said was an optimistic sign for the remaining period where 2016 is expected to finish with an overall positive result. During the period under review, MIA also liquidated a number of subsidiaries, namely Luqa PV Farm Ltd, Gudja PV Farm Ltd, Gudja Two PV Farm Ltd and Gudja Three PV Farm Ltd, that were not undertaking any business activities. MIA's net profi t increased by 10% to reach €17.07 million Fish farming brings in €131.6 million in 2015 The gross output of the aquacul- ture industry, which comprises mainly tuna farming and closed cycle species, amounted to €131.6 million last year, growing by 30.1% from €101.2 million in 2014. This summer, the industry was involved in a controversy following the spread of sludge believed to be from fish farms and many bathers complained of foul smells in various bathing areas. . Consequently, four fish farm operators had 10 development permits unanimously revoked by the Planning Authority given that their operation was in breach of planning conditions to the detriment of the environment and negatively impacting the coastal bathing water. However, the fish farm operators have up to 31 December 2016 to relocate their tuna structures and operations to the approved aquaculture zone in the south of Malta. Industry income The gross value added of the aquaculture industry in 2015 amounted to €20.5 million, marking an increase of 16.4% from €17.6 million over the previous year. The factor income amounted to €18.7 million, after taking into consideration fixed capital consumption and exchange rate differences. Furthermore, compensation of employees amounted to €4 million, while entrepreneurial income stood at €13.6 million. Volume of fish sold The volume of fresh fish sold last year amounted to 10,800 tonnes, which is an increase of 25.5% over the preceding year. This was mainly due to a increase in sales of tuna by 47.7%, while sea bass and sea bream decreased by 85.7% and 13.5% respectively. When compared to 2014, intermediate consumption which takes into account the costs incurred in the production of tuna farming and closed cycle species, increased by 33%. This resulted from increases in purchases of live tuna and other fish, variable production costs and overheads by 49.8%, 21.7% and 18.8% respectively. This data was collected by the National Statistics Office. The gross output of the aquaculture industry in 2015 increased by €30.4 million over that of 2014