Aldeasa records first-half growth of 12.8%

Emily Pacey

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The Spanish retailer maintains its first quarter growth rate despite August's airport security restrictions

Aldeasa has closed the first half of the year posting growth of 12.8%, the same rate of growth it recorded in the first quarter of 2006. Aldeasa generated revenues of Eu300m ($384.6m) for co-owner Autogrill, compared to Eu59.5m ($76.3m) in the same period last year. Autogrill recorded consolidated growth of 16.5% in the first half of the year.

Aldeasa's growth was driven partly by its airport business, which increased revenue by 13.2% in the second quarter of 2006. Its Spanish airport business rose by 7.6% overall, with Madrid International airport performing best at 17.4%.

International airport operations at Chile Peru and Kuwait together grew by 44.9% in the second quarter, with average growth of 41.9% over the first half.

However, in the second quarter earnings before taxes fell by 5.6% to Eu20.2m ($25.9m), which the company said was mainly due to the effects of the start-up phase at Kuwait City airport and Madrid Barajas International airport's terminals 4, where retailers have been subject to new rents.

In a statement, Aldeasa said that August's airport security restrictions did not significantly affect sales.

By the end of the year, Autogrill expects consolidated revenues in excess of Eu3.8bn ($4.8bn) and EBITDA of around Eu500m ($641m).