Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - Airports Company South Africa (Acsa) on Tuesday reported a 26% increase in headline earnings to R593m, or headline earnings per share of 118.63c and a 5.3% increase in
revenues to R1.9bn for the year ended March 2005.
Acsa's proposed dividend increased by 29% to R295m.
Acsa's MD Monhla Hlahla said the performance had set a solid platform for continued solid and sustainable financial performance leading to South Africa's hosting of the 2010 Soccer World Cup and beyond.
Acsa reported profit before tax up 22% to R593.2m and its
contribution to fiscus through tax grew 16% to R283m.
Cash flow from operating activities rose 60% to R732.2m,
underpinned by a 16% increase in cash generated by operations to R1.28bn and decreases in the interest cost as well as the dividend paid.
Following the repayment of long-term borrowings of R88.7m in
2004, Acsa fully repaid two of its facilities during the 2005 fiscal year.
However, as a result of the group's capital expenditure programmes - over R3bn was invested in capital projects over the past five years and the expected investment of R5.32bn in the next five years - various short- to medium-term facilities have been negotiated with its long-term borrowings increasing from R99m to R270m.
The envisaged capital investment for 2006 is estimated at R1.2bn.
Acsa's gearing nevertheless remains low at 7.9% from 6%, Hlahla said.
Apart from investment in infrastructure, ACSA continues to invest in security as well as in maintaining and improving service standards.
During the review period, Acsa's management has successfully diversified its revenue streams.
Acsa's traditional aeronautical revenues - comprising landing fees charged to airlines and passenger service charges - were up 6.2% year on year, due mainly to an increase in total aircraft movement to 218 603 from 212 935 in
2004, while the number of departing passengers grew 12% to 13.3 million.
Domestic passenger numbers were up 14% to 9.2 million, while international passenger numbers grew to 3.7 million from 3.4 million a year ago.
Acsa's second revenue source - non-aeronautical or commercial activities including retail, property and advertising, now accounts for 45.5% of total revenue and contributed R892.5m to the bottom line.
Hlahla said that following a year of good traffic growth, it was anticipated that the growth in the domestic market would slow down, while growth in the international market is likely to remain at current levels.