First time net profit in the first quarter ever...
TAV Airports Holding (ISE: TAVHL, “TAV”) announced a net profit of €12 million in its first quarter 2012 IFRS consolidated financials versus a net loss of €14 million in the first quarter of 2011.
TAV Airports Holding CEO&President M. Sani Şener commented,
“ I am very happy to announce a very strong start to the year and the best ever first quarter marked by impressive financial and operational results.
Consolidated revenues soared and reached €211 million in the first quarter of 2012, with 19% YoY growth implying the highest first quarter revenue ever. Operating leverage continued to prevail and the topline growth translated into a rich EBITDA growth of 33%. Meanwhile, we continued to improve the consolidated EBITDA margin by 2.4 ppt over the same period of last year, reaching the highest ever EBITDA and EBITDAR margins in the first quarter.
Due to the seasonal nature of our business, the beginning of the year is usually slow with the first quarter results generally therefore being weak. This year, we are very happy to close the first quarter with an after tax net profit of €12 million compared to a net loss of €14 million first quarter last year. This is the first net profit we have announced for the first quarter financials, since our company's IPO.
At the beginning of 2012, we took over the domestic terminal operations at Izmir Adnan Menderes airport adding 1.5 million new passengers only in the first quarter of this year. On top of that, our existing operations have also been very strong this quarter boosted by the robust recovery in Tunisia. The result was an exceptional quarter with a passenger growth of 35% YoY (like-for-like growth of 20%) that brought our quarterly number of passengers served to 14 million.
All in all, we had a very strong start to the year. I would like to thank all TAV Group employees, the passengers and our shareholders for making another great quarter possible.”