Aer Rianta income up but profits drop by 47%

Pre-tax profits at Shannon-based duty free operator Aer Rianta International dropped by almost almost half last year to €18.9 million.

According to new accounts filed by the Dublin Airport Authority subsidiary, the firm recorded the drop in profits in spite of revenues increasing by 4 per cent from €59.7 million to €62.1 million for the 12 months to the end of December last.

According to the directors’ report, “the trading performance of the company in 2012 has been satisfactory”.

The directors state that the decrease in profit “arose from a reduction in income from financial assets and investments due to a reduction in dividends received from subsidiaries and associated undertakings, including associated undertakings disposed of in 2011”.

The firm’s revenues of €62.1 million and gross profit of €11.1 million “have improved due to improved trading conditions”.

The firm’s operating profit last year increased by 6.7 per cent from €4.49 million to €4.8 million. However, a decrease in income from financial assets from €26.9 million to €14 million contributed to the 47 per cent decrease in pre-tax profit, from €35.57 million to €18.9 million.