Aldeasa profits from solid recovery

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Aldeasa's 2003 profits increased by 29% from the previous year .

Aldeasa's full-year profits increased to Eu28.6m ($36.7m) in 2003, an increase of 29.2% on the previous year . Group turnover reached Eu598.75m ($768m), up by 4.8% on 2002.

Chief operating officer Alfonso Calderon told TRW: "We are very pleased with the results as a whole and especially with the rise in profits, which allows us to maintain our dividend policy to reward our shareholders. Despite the problems arising from the Iraq crisis at the start of the year, we have been able to hold margins and increase sales. Our Spanish airport business has held up strongly throughout the year and we have seen a solid recovery in our international business in the fourth quarter. The extension of our contract with AENA at Madrid and our agreement with ANA of Portugal to jointly manage commercial space at the main Portuguese airports will allow us to plan with confidence for the medium and long term."

Duty-free and Travel Value sales at Spanish mainland airports and the Balearic Islands rose by7.2% to Eu380.1m ($487.3m) last year. Duty-paid sales in the Canary Islands fared less well, falling by 1.5% to Eu86.1m ($110.4m). Sales at international airports outside Spain dropped by 8.3% to Eu70.3m ($90.1m), mostly owing to the weak dollar. In dollar terms, Aldeasa claimed sales increased by 10.2%, thanks to a strong recovery in the second half and a very strong last quarter.