MACQUARIE Airports said yesterday that earnings at the second-largest field in its portfolio, Brussels International Airport, rose 18 per cent last year.

Brussels International Airport Company reported earnings before net interest, tax, depreciation and amortisation (EBITDA) of E161.3 million ($264.12 million) for the year to December 31.

This reflects an increase of 18.7 per cent on the previous corresponding period. BIAC revenue was up 6.9 per cent to E324.6 million for the year.

MAp chief executive Kerrie Mather said the company achieved strong growth in earnings during the first year of its 52 per cent ownership at Brussels.

Brussels is the second largest airport in MAp's portfolio behind its 55.5 per cent stake in Sydney.

"This first year has focused on (moving) the airport from public to private ownership with particular focus on operational efficiencies and the introduction of new and improved retail and car parking services," Ms Mather said.

"Airline marketing initiatives have increased passenger choice with the addition of 25 new services in 2005.

"Further, the five-year aeronautical charges agreement completed during the year provides price stability for airline customers going forward."

Ms Mather said that during 2005, a number of commercial projects were completed at Brussels Airport, including the refurbishment and upgrading of a number of catering outlets, the introduction of two new cafe concepts, and the opening of several new specialist retail shops.

"These projects have improved the overall choice, quality and experience for the passenger and airport user," she said.

"The outlook for BIAC remains positive with continued earnings growth being driven by an ongoing focus on airline marketing, continued cost control and the implementation of further commercial initiatives."

MAp, which also has interests in airports at Rome, Copenhagen, Birmingham and Bristol, has a market capitalisation of about $5 billion.

MAp shares closed at $3.15, down 5c.