SPAIN. Airport operator AENA recorded a +11.3% year-on-year increase in commercial revenue in the first quarter of 2017, to €203.6 million.
Duty free revenue was up +9.6% to €53.45 million, while food & beverage revenue climbed +11.3% to €29.97 million. Revenue from speciality shops dropped -1.1% to €17.68 million.
AENA said the performance was driven by the effect of the evolution of minimum annual guaranteed (MAG) rents recognised in commercial contracts, a growth in passenger traffic (+7.1% across the operator’s network, to 48.7 million), and the impact of new contracts, especially in car rental.
The operator’s total consolidated revenue increased +6.7% to €794.2 million in the quarter, of which commercial revenue accounted for 26% (up from 24.8% in the first quarter of 2016).
EBITDA for the period stood at €320.2 million, an increase of +16.3% compared to the first quarter of 2016, with a 40.3% margin impacted by the accrual of local taxes expense for the full financial year and the seasonality of the business.
Consolidated net profit increased +176.8% to €80.9 million, reflecting positive business development, the decrease in financial expenses and offset by a higher corporate tax expense, AENA said.
In AENA’s Spanish network, passenger traffic rose +6.3% to 45.5 million passengers, with the comparison “affected by the Easter calendar (in 2016 it was in March) and because 2016 was a leap year”, the company said. International passenger traffic grew +8% in the quarter.
AENA also operates London Luton Airport. Passenger traffic there grew +18.2% to 3.2 million. Commercial revenue at the airport was up +14.7%, driven by a +18.9% increase in car parking revenue following the full opening of a multi storey car park at the end of December 2016. The overall performance reflected the growth in passenger traffic, the implementation of new pricing strategies, the opening of a walk-through duty free shop in June 2016, and improved conditions of commercial contracts, AENA said.