General Industry

Knock Airport Records Loss Despite Increase In Passengers

By Publications Checkout
Knock Airport Records Loss Despite Increase In Passengers

Despite a 5% increases of passengers to 686,000, Connaught Airport Development Co Ltd have recorded a pre-tax loss of €627,195 last year.

The airport recorded a modest post-tax loss of €34,788 compared to a post-tax loss of €390,134 in 2011, as revenues increased 12% from €12.5m to €13.9m in the 12 months to the end of December last.

The airport's associated Public Service Obligation (PSO) income was cut last year.

The directors state that the "airport continued to implement cost reduction and efficiency measures to help offset some of the loss of the PSO income."

"Although aviation income decreased, mainly due to the loss of PSO income, a significant increase in fuel sales helped overall turnover levels. As a consequence, gross profit margins reduced from 60% in 2011 to 53% in 2012".

"Passenger numbers in 2013 are expected to be close to 2012 levels with over 670,000 passengers in particular from the UK and mainland Europe markets," said a spokesman, according to The Irish Examiner.