Shannon Airport is barely profitable and Cork Airport is incurring heavy losses according to new figures that disclose the detailed financial performance of the three Aer Rianta airports for the first time.
The financial statements reveal that Dublin Airport was the only Aer Rianta-run airport to make a profit in 2001 after exceptional charges for a voluntary redundancy programme were taken into account.
Closely guarded within Aer Rianta, the figures differ from the State company's published accounts by stripping away the profit contribution from its international and Great Southern Hotel operations.
They show the extent of Aer Rianta's airport shop and parking revenues, as well its income at Shannon from plane refuelling.
Revealing that the three airports had revenues of €353.28 million in 2001, but lost €5.7 million post exceptionals, the figures emerge amid indications from Government sources that it will proceed with the establishment of the three airports as independent entities.
A Government advisory group assessing 13 expressions of interest is also expected to recommend at the end of this month the initiation of a tender process to build a new independently operated terminal at Dublin Airport.
Published accounts show the Aer Rianta group had revenues of €441.25 million in 2001 with the Great Southern Hotels contributing €42.13 million. Aer Rianta's international operations are deduced to have had revenues of about €45.85 million in 2001.
With sales of €211.59 million, Dublin Airport made a €28.85 million operating profit in 2001. Its post-tax profit fell to €11.57 million due to the exceptional €17.27 million charge for the severance programme.
Dublin Airport generated €80.51 million from airport charges, €60.83 million of which was derived from passenger landing fees. With route incentive schemes costing €7.72 million, the airport generated €25.04 million from runway charges and €1.12 million from aircraft parking fees. It also earned €1.2 million from airbridge fees.
Retail sales at the airport were worth €64.8 million while it made €23.59 million from car-parking. It made €40.86 million from property rentals and spent €4.82 million on marketing and related costs.
Shannon Airport had revenues of €120.12 million in 2001 with plane refuelling sales of €53.5 million the single-greatest contributor. After the €8.9 million severance package the airport lost €8.3 million after tax, suggesting an operating profit of €604,000.
The refuelling service is used by airlines based at the airport and by aircraft stopping over en route to other destinations. With tension increasing over possible war in Iraq, refuelling activity for aircraft used by the US military has been the subject of political protests.
Shannon is the only Aer Rianta airport that provides refuelling and catering in-house. The catering operation had sales of €20.64 million in 2001. With airport charges at €15 million, sales at the airport shop were worth €17.9 million. Property rentals contributed €9.1 million and car-parking sales were €1.8 million. Marketing cost €2.58 million.
Cork Airport had revenues of €21.5 million. Its post-tax loss of €4.59 million after the €2.32 million exceptional charge suggests an operating loss of €2.27 million, more than 10 per cent of sales.
