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NEWS Last modified on August 24, 2012

TAV Airports announces a record half-year profit

TAV Airports has announced a record half-yearly net profit of €48.5 million – a significant improvement on the €4.6 million loss it recorded in the corresponding period a year ago.

TAV Airports has announced a record half-yearly net profit of €48.5 million – a significant improvement on the €4.6 million loss it recorded in the corresponding period a year ago.

The airport operator's consolidated revenues soared by 20% to €483 million in the first six months of 2012, during which time it reported a 23% rise in EBITDA.

"The strength of the bottomline gives us a lot of optimism for the rest of the year and also goes to show that our present portfolio has entered the stage whereby it can both deliver exceptional growth and generate handsome amounts of cash and net profit," enthused TAV's president & CEO, Sani Şener.

"The exceptionally strong financial results came on the back of superb passenger growth. The total number of passengers served by TAV Airports increased 34% year-on-year and reached 31 million in the first half of 2012.

"Both organic and inorganic growth boosted passenger numbers in the first half of 2012 resulting in remarkable growth. While the organic growth was an impressive 20%, 14% additional passenger growth came from the addition of the İzmir domestic terminal to our portfolio."

Şener went on: "Tunisian passenger recovery has so far been exceptional at 56% on a cumulative basis. The recovery in Tunisia was also well reflected in our consolidated financials.

"The operational highlight of the second quarter was the take-over of the operations of the Medinah Airport in Saudi Arabia at the end of June 2012.

"These results give us many reasons to be very positive for the year-end results." 

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