TURKEY. TAV Airports Holding today reported its first-half results, with duty free spend per passenger falling -5% year-on-year to €14.00. The company said that this was due to a changing passenger mix in the period. TAV Airports is 50% shareholder in ATÜ Duty Free with Gebr Heinemann-controlled Unifree Duty Free. TAV’s share of duty free revenue hit €154.1 million in the half.
TAV revealed H1 revenue of €511 million and EBITDA of €202 million, which represented increases of +2% and +4% respectively. The company posted a net profit of €60 million, a +90% increase, a performance affected by one-off items in the half.
TAV Airports Holding Executive Board Member & CEO Sani Sener said: “Although 2017 started weak in our Turkish airports, we returned to a growth trajectory in the second quarter. International origin and destination (O&D) passenger volume in Atatürk Airport turned positive in April after 18 months and grew +3% in the second quarter. Transfer passengers grew +12% in the same period. The number of tourists visiting Turkey started increasing after 20 months in April which reflected positively on our passenger numbers. Hence, despite a weak first quarter, we finished the first half with +2% passenger growth and served 51 million passengers.”
A changing passenger mix had a negative impact on per passenger spend, noted TAV
