Monday 26 September 2016

Knock Airport records €536,000 pre-tax loss despite record year

Gordon Deegan

Published 01/12/2015 | 02:30

Knock Airport
Knock Airport

The company that operates Ireland West Airport Knock last year recorded a pre-tax loss of €536,618 before a Government operational subvention.

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Connaught Airport Development Co recorded the pre-tax loss in spite of the airport having its busiest ever year with 703,000 passengers. The accounts show that after State funding, the airport recorded a pre-tax profit of €11,982.

Turnover increased marginally to €14.1m. The airport received €2.47m in Government funding for operational functions and capital expenditure last year.

Numbers employed rose to 115. The firm paid net interest charges of €306,394.

The pre-tax loss takes account of hefty non-cash depreciation costs of €1.73m. An airport spokesman said that "generally 2015 has been a positive year with strong growth on existing services from Europe and in particular from the UK with growth on UK routes being up in the region of 8pc in 2015".

He said that passenger numbers are forecasted to be flat in 2015, totalling around 685,000 to 700,000.

The airport has received a boost with seven local authorities in Galway, Mayo, Roscommon, Leitrim, Donegal and Sligo agreeing to invest €7.3m in the airport in return for a 17.5pc equity share and additional representation on the board and participation in the strategic development of the facility.

Shareholder funds totalled €2.2m.

Irish Independent

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