Last Updated on Thursday, 25 February, 2021 at 11:37 am by Andre Camilleri
- Passenger traffic dropped 76.1% as a result of Covid-19 and travel restrictions
- Drops in aviation & non-aviation revenue streams led to a 67.9% decrease in total revenue
- Total expenditure down 28.3% through a strict cost-cutting & liquidity preservation programme
Malta International Airport today published the financial results for 2020, reporting a drop of €68 million (-67.9%) in the total revenue generated by the Group during the year under review compared to 2019.
Malta International Airport’s passenger traffic for 2020 suffered a staggering drop of 76.1% as a result of the Covid-19 pandemic and travel restrictions, leading to the worst traffic result and the first loss-making year for the Group since the airport’s privatisation in 2002.
Malta International Airport plc’s financial statements show that while revenue from the Company’s aviation segment registered a drop of 74.8%, revenue from the non-aviation segment, which includes rents, parking, and VIP products, dropped 51.4%.
In contrast with 2019, when the Group had closed the year with profit after tax amounting to €33.9 million, Malta International Airport plc ended 2020 with a net loss of €4.3 million at Group level.
“An excellent track record in the years leading up to 2020 furnished us with resilience to face last year’s unprecedented challenges. However, significant uncertainty and low consumer confidence continue to dominate the aviation environment, necessitating a continued cautious approach to cash management to bolster the Company’s ability to withstand further shocks and safeguard the long-term interests of all stakeholders, whilst remaining in a position to swing into action as soon as air travel shows signs of recovery,” said Malta International Airport CEO Alan Borg.
The Group’s financial statements also show that, through a strict cost-cutting and liquidity preservation programme, Malta International Airport plc had succeeded in lowering its total expenditure to €26.6 million (-28.3%) during the reporting period. Group staff costs registered a decrease of €2.2 million (-20.2%), which resulted from the Covid Wage Supplement Scheme and temporary salary reductions between April and July 2020, while operating expenditure decreased by €8.3 million (-31.8%).
The approved full financial statements can be accessed on Malta International Airport’s website: www.maltairport.com/corporate/investors/financial-results.