Schiphol Group posts 7% rise in turnover

Emily Pacey

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Escalating security costs at Amsterdam lead to a like-for-like drop in income in the first six months of the year

Schiphol Group has recorded a 7% rise in turnover in the first half of 2005, but lower net income. Excluding capital gains on investment property, the company netted €72m ($m), 1.9% less than in the corresponding period in 2004. Including capital gains, the net result was €76.9m (US$92m), 2.3% more than the same period in 2004.

The group blamed the performance on security costs at Amsterdam Schiphol, which have quadrupled in the period, rising from €19.5m (US$23.5m) to €82.2m (US$99m). The company expects to recuperate these costs in 2006.

Passenger numbers were slightly lower than forecast, having grown by 3.2% in the period under review.

On June 30 a government bill proposing to sell off a minority interest in Schiphol Group was passed by the lower house of the Dutch parliament. Whether it will be sold as trade sale through a stock market flotation is still being explored. The bill is now before the upper house.