DAA reports increase in profits and passenger numbers

Dublin Airport Authority (DAA), the State company responsible for Dublin and Cork airports, has reported an increase in post-tax profits of 41 per cent in 2014.

The company recorded a fall of 50 per cent in profit after tax to €19 million which it attributed in large part to the impact of a €21 million exceptional charge made as part of its long-running pension dispute.

Kevin Toland, chief executive of DAA said the company had recorded a "solid year of progress" with the highest passenger growth since peak numbers in 2007.

DAA’s reported a 1.5 million increase in passenger numbers from 2013, up 6 per cent to 23.9 million passengers, with 21.7 million passengers travelling through Dublin airport.

“Last year Dublin was the number twenty airport in Europe and it was the sixth fastest growing airport within Europe,” said Mr Toland, adding that Dublin airport had since risen to become the third fastest growing airport in Europe so far in 2015.

Mr Toland said DAA annual turnover increased in 2014 by 13 per cent to €564 million, adding that aeronautical charges and income from commercial activities in Ireland and overseas had played an important role in last year’s growth.

Some 2.14 million passengers passed through Cork airport in 2014, a fall of 5 per cent from 2.26 million passengers in 2013, due in large part to a number of its central European routes being transferred to Shannon airport

Mr Toland said he was “very confident” the company would find a long-term solution to the falling numbers of passengers at Cork airport, adding that Cork was a “medium-sized world class airport” that would continue to operate for the next 30-40 years.

DAA's overall operating costs increased by 13 per cent to €282 million, with international costs up €23 million due to the Cyprus acquisition in 2014.

The State company’s earnings before interest, taxation, depreciation and amortisation increased by 13 per cent to €182 million, while net debt decreased by €14 million to €600 million.