Malta International Airport has recorded a Lm4.9 million profit before tax for the financial period of nine months to 31 December, higher than the profit registered for the full year ending 31 March 2006.

This was achieved on lower revenue (Lm14 million compared to Lm16.6 million) but with reduced staff costs (Lm2.5 million compared to Lm3.3 million) and lower finance costs (Lm0.6 million compared to Lm1 million).

The MIA board of directors, which met last week, is proposing a gross dividend of Lm0.0338 per share.

The company has changed its accounting reference date to 31 December to align its financial results with those of its operations statistics. The nine-months results are better than the results for the previous full 12-month period due to the seasonality of the business. Passenger traffic for the period was 2.1 per cent lower than for the same period the previous year; the improved results are largely due to the fact that revenue is concentrated mainly in the summer months.

Development of the area in front of the main air terminal remains one of the company’s top priorities. Prolonged talks with a prospective investor during the first half of last year ended without success and MIA management is currently holding talks with other investors.

By the end of the first quarter of this year, a further 200 square metres of new retail area will be opened in the departure lounge.

A number of schemes introduced by MIA, together with the government, to attract traffic from under-served destinations were not taken up by any airline.