Bucharest Airports National Company: Operating profit goes up 19% in the first half of 2018; financial expenses went down 80%

Bucharest Airports National Company announces improved financial results for the first half of 2018. Thus, the income in the first six months of 2018 (excluding the influence of joint venture revenues) increased to 440 million lei, 8.3% more than in the first half of 2017 and 26.5% more than the same period in 2016.

During this period, the turnover also increased to 425.31 million lei, 10% higher than in the same period of 2017 and 29.6% as compared to the first half of 2016, while operating profit reached the value of ROL 269.3 million, 19.1%  higher than the first half of 2017.

In turn, gross profit (EBITDA) increased by 21.4% compared to 2017, reflecting a significant improvement in the company's profitability.

The company’s increased profit comes from both an improved operating income, in line with the increase in traffic at Bucharest's airports, and a 79.3% decrease of the financial expenses due to the anticipated repayment of a EUR 31.72 million investment loan (final balance) contracted in January 2011.

"The increased financial performance reflects both favorable market conditions (increased passenger traffic), the use of existing airport capacities close to the maximum level, and diligent spending management. In the first six months of 2018, we focused on strictly keeping up with a chart of current repairing works (runways, taxiways, platforms) so that the airport infrastructure should be finely available in the peak season. We intend to modernize the payment and access systems to the car parking area by the end of the year and finalize the procurement procedures for three major projects, which will also be carried out next year: the capital repair of a major taxiway, the complete upgrading of Runway 2 and the completion of the works at Baneasa Airport terminal buildings", said Dan D. Baciu, the company’s General Manager.

In the first half of 2018, Henri Coanda Airport traffic was 6,343,070 million passengers, 7.08% more than in the first half of 2017 and 29.08% more than in S1 2016.