Originally Posted by
Andy_S
From todays trading statement:
At least they are being clearer about selling the family silver to pay the dividend. To highlight the fact that they can keep paying the dividend until 2022 by asset disposal (which I dispute but that's irrelevant on this forum) merely confirms that they aren't making money from current operations.
I can't see how they work out the 22% year on year increase in passengers but irrespective the 482,000 pax over 5 months extrapolates to a maximum of 1,156,000 pax over 12 months. So how they can see their way to achieving more than double this figure (2,500,000) next year is beyond me. And 5m pax by 2022???
"EBITDA per passenger from commercial airport activities is close to the management's target with commercial enhancement activities ongoing"
Would be nice to see what the target EBITDA is however as the division is overall loss making, being close to the target matters not a jot! Profit should be the target after so many years of ownership. Targets of anything other than pure profit is daft - i.e. Which customer survey marks of out 100.
Overall very disappointing reading and suggests the results when published will be dire.