TAV Airports Holding release finacial results for Q1 2016
TAV Airports Holding has announced its 2016 first quarter EBITDA of EUR 82 million with an increase of 4% and revenue of EUR 231 million with an increase of 2%.
TAV Airports Holding Executive Board Member and CEO Sani Sener said: “The first quarter is traditionally the weakest season for the aviation industry. This year, we had a very challenging start, mainly due to security concerns driven by increased geopolitical risks. Despite these, TAV Airports Holding realised 6% growth in passenger numbers y-o-y, while Istanbul Ataturk Airport enjoyed the same growth in international passengers."
In the first quarter of 2016, TAV Airports attained consolidated revenue growth of 2% and EBITDA growth of 4%, compared to the first quarter of 2015. We achieved these results, in an environment where the change in passenger mix towards transfer passengers have put significant pressure on our financials.
Capital expenditures were almost flat at EUR24 million, with ongoing investment in Istanbul Ataturk Airport extension project and runway & taxiways rehabilitation project in Tbilisi International Airport, which we conduct to maximise passenger comfort and satisfaction.
Sener added: "We distributed a total of TRY348m in cash dividends in 2016 in line with our 50% payout policy. In the future, we are going to remain on our track record of ‘smart growth’ strategy and continue to balance growth with dividends.”