Zealand-based utilities investment group Infratil will meet in the next few
days to discuss “implications” of its move to take full ownership of Glasgow
Prestwick International Airport, after revealing that the airport’s profits
will be lower than expected.
expects Glasgow Prestwick Holdings’ earnings before interest, taxes and
depreciation (EBITDA) to be around £4.5 million ($8.1 million) for the year
ending 31 March 2004. This is around 10% below the comparable figure in 2003
and “materially below expectations”.
company points to lower freight volumes – around 14% down on 2003 levels in
January and February – while growth in passenger number over recent months has
been below forecasts. It also notes that measures to expand its retail
facilities – in order to keep track with increased passenger levels – will not
be in place until the next financial year.
holds a 77.3% stake in the airport and late last year entered conditional
purchase agreements to take full ownership of Prestwick.
releasing details of the financial results, Infratil says that the data has
implications for its proposal to acquire the outstanding shares in Prestwick
from Utilico Investment Trust.
independent directors of Infratil are considering the value implications of the
recent results on this proposal and will advise shareholders further later this
week,” the company says.