Big rise in profits at Aldeasa

John Rimmer

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Aldeasa has posted net profits of Eu25.8m ($32.7m) for the first nine months of the year, a 20.2% increase over the same period last year

Sales rose by 5.7% to Eu476.4m ($603m), maintaining the growth rate enjoyed in the earlier part of the year.

EBITDA also rose by 10.6% to Eu51.2m ($64.8m). Aldeasa COO Alfonso Calderon told DFNI: "We are more than pleased with the progress we have made so far this year and we have been able to see the hard work of all the Aldeasa team reflected in the financial results. The improved figures are mainly due to the recovery in international sales, better operating margins thanks to the introduction of more profitable products in the commercial mix and an increase in passenger traffic throughout the airport network. We are also reaching the Spanish domestic passenger in a more aggressive way and we can see this reflected in sales. The extensions of our contracts at Madeira and Lima and our tender win at Curacao lead us to believe that our international business is set for recovery and we hope that the growth seen already this year will continue."

Travel Value and duty-free sales in Spanish airports reached Eu311.3m ($394m), an increase of 6.6% on the same period in 2003. Growth owed much to an increase in passenger traffic of 8.1% in the third quarter and a very strong performance in Palma de Mallorca, now Spain's biggest airport for low-cost carriers.

Duty-paid sales in the Canary Islands performed less well, falling slightly by 0.2% to Eu63.6m ($80.5m). Passenger traffic and spend per passenger in the islands improved slightly in the third quarter and Aldeasa has benefited from the renovation of retail outlets earlier in the year.

Sales across Aldeasa's international business grew by 17.5% to Eu60.5m ($76.6m). The strongest performing markets included Jordan, where sales were up by 32.6% to Eu18.2m ($23m), Mexico, up 30.4% to Eu14.9m ($18.9m) and Chile, up 10.5% to Eu14.6m ($18.5m). But despite the growth in sales, the international division has been hampered by the strength of the euro against the dollar, and Aldeasa reported that sales growth would have been 30.1% if measured in dollars, with exceptionally good performances in Jordan (up by 46.6%) and Mexico (44.1%).

Sales at Aldeasa's Palaces & Museums Division reached Eu19.03m ($24.1m), an increase of 2% over the first nine months of 2003.