Schiphol Group posts 7.8% rise in profits

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The Dutch airport group announces positive results despite a slight dip in concession income and passenger volumes

Schiphol Group has posted a rise of 7.8% in net profits for 2003 after revenues surged 11% to Eu860m ($1.1bn) for the year.

Profits rose to Eu191m ($245m) after the group increased previously unrealised capital gains in property, introduced a cost savings programme and deferring work on new projects during the downturn last year caused by war and SARS. Passenger numbers fell 1.9% for the full year.

Concession income fell by 3.1% from Eu119m ($152m) to Eu115m ($147m), owing to lower passenger volumes and a drop in the average spend per departing international passenger from Eu18.26 ($23.41) to Eu17.85 ($22.88). The group said: ?This is explained by the fact that the decline in traffic was mainly seen on the intercontinental routes, on which passengers tend to spend more.?

For 2004, Amsterdam Airport Schiphol expects to see passenger volume grow to almost 42m. The associated number of air transport movements is expected to increase as is cargo volume. ?These forecasts are made on the assumption that the world economy will gradually improve and that aviation will not be hit by new crises such as those of the last few years,? said the company.