NEWS ROUND-UP
GIAA highlights concerns over Superior Court judgement “GIAA takes the report issued by
The Guam International Airport Authority (GIAA) has responded to a report issued by Moody’s Investors Service which suggests that the on-going lawsuit by DFS against GIAA – and specifically Guam Superior Court’s February judgment voiding GIAA’s $152m concession contract with Lotte Duty Free Guam – is ‘credit negative’.
Moody’s Investors Service very seriously,” said GIAA Chairman of the Board Ricardo Duenas. “We’ve been very concerned that the Court’s decision could seriously impact GIAA’s credit rating, its bond covenants and potentially its signatory airline agreements, and therefore, airport operations, the Guam visitor industry and the economy of our island.” The Moody’s report said: “A loss of the
contract with Lotte Duty Free Guam, LLC would be credit negative for GIAA because a newly procured concession agreement could offer lower annual revenues and there could be a temporary loss in revenue if Lotte exits the airport before a new public procurement of the contract has been completed. “This would put short-term pressure on
Duty Free Philippines
sales dip by 2.3% in 2017 Duty Free Philippines (DFP) has reported a 2.3% sales drop in 2017 (its 30th anniversary year) to $213m compared to $218m the previous year. Net income, however, rose +9% to
Php179m ($3.5m) from the previous Php164m ($3.2m). This was due to the streamlining
of operations and closure of underperforming outlets. Speaking to TRBusiness, Duty Free
Philippines Corporation Chief Operating Officer Vicente Pelagio Angala said the highlights of its 30th anniversary celebrations were two one-day events at its flagship DFP Fiestamall downtown outlet in May and October. He said: “These generated sales of $1.4m and $2m respectively. “We also had a grand celebration on
12 May attended by officials from the Department of Tourism, suppliers, service providers and of course DFPC officers and employees.”
debt service coverage ratios.” According to GIAA, the report notes
that the Lotte concession contract represents about 22% of GIAA’s 2017 operating revenue. As reported, on 1 May, GIAA attorneys
asked the Guam Superior Court for leave to supplement GIAA’s pending stay motion in the long-running litigation case with DFS Group. The stay motion was filed on 5 February.
Lagardere TR quarter one 2018 revenue grows +11%
Lagardère Travel Retail has reported Q1 revenue growth of +11% (on a like-for-like basis) to €802m ($947m) from €763m ($901m) during the same period last year. The Q1 revenue growth was underpinned
mainly by a good sales performance and network expansion in the ASPAC and EMEA regions. Group revenue totalled €1.56bn ($1.84bn)
in the quarter versus €1,53bn ($1.8bn) in Q1 2017, representing a 5% like-for-like rise and 1.5% increase on a consolidated basis. According to Lagardère Group, this was
driven by organic growth momentum at Lagardère Travel Retail and a good performance from the Lagardère Publishing division. For Lagardère Travel Retail, business
in France during Q1 reported positive momentum (+2.1%). This was despite the negative impact of foreign exchange rates on spending by international passengers in the duty free segment. Growth was led mainly by the regional
platforms, boosted by the modernisation of stores, particularly at Nice airport. The EMEA region (excluding France) posted
further solid growth (+15.6%), thanks notably to the impact of new stores opened in Geneva (Switzerland), Gdansk (Poland) and Dakar (Senegal) and good sales performance in Eastern Europe.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78
