Wednesday 21 February 2018

Knock operators record €627k loss

Ireland West Airport Knock
Ireland West Airport Knock

Gordon Deegan

The company that operates Ireland West Airport Knock last year recorded a pre-tax loss of €627,195, excluding a government subvention.

Connaught Airport Development suffered the pre-tax loss despite recording its busiest-ever year, with 686,000 passengers.

The new accounts show that after state funding, the airport recorded a modest post-tax loss of €34,788 compared with a post-tax loss of €390,134 in 2011.

The firm reduced its post-tax losses sharply after revenues increased by 12pc from €12.5m to €13.9m in the 12 months to the end of December last.

The directors state that the airport increased passenger numbers by 5pc to record numbers "despite the very challenging macroeconomic environment and the many challenges facing the aviation industry".

The numbers employed by the airport last year increased from 100 to 102. The Government last year cut the airport's associated Public Service Obligation (PSO) income and 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".

OPTIONS

On the increase in revenues, the directors state: "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 60pc in 2011 to 53pc in 2012."

The 2012 directors' report says the airport now reaches 28 destinations, 20 of which are scheduled services.

A spokesman for the airport said yesterday: "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."

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business