Ottawa Airport Authority - 2002 First Quarter Results
Ottawa –– Ottawa International Airport Authority (OIAA) today released its financial results for the first quarter of 2002. President and CEO Paul Benoit said the quarter was “better than anticipated.”
For the quarter ended March 31st, 2002, revenues exceeded expenses by $3,269,000 as compared to $4,373,000 the first quarter of 2001.
“Overall, our excess of revenues over expenses is down 1 million dollars when compared to the first quarter of 2001. During that first quarter of 2001, our growth was well above 10%, which was unheard of in our market, ” said Mr. Benoit. “Of that million dollars, more than half a million has gone to pay for the increase in Rent to the Crown and the remainder arises from decreases in revenues from aeronautical charges and parking.”
During the first quarter, the Authority generated total revenues of $12,794,000 compared to $13,431,000 in the first quarter of 2001.
Aeronautical revenues represent the largest source of revenues for the Authority. At $5,136,000 for the first quarter, total aeronautical revenues, which include terminal fees, loading bridge charges, and landing fees charged to air carriers, were down from $5,358,000 from the first quarter of 2001.
Airport improvement fees decreased from $3,338,000 (first quarter of 2001) to $3,277,000 in the past quarter due to a decrease in passenger volumes.
Rent to the Crown increased by more than half a million dollars ($541,000) in the past quarter. Total expenses, however, only increased by $467,000 as Airport Authority cost-saving measures in other categories remained in effect. Total expenses were $9,525,000 for the past quarter as compared to $9,058,000 in the first quarter of 2001.
“We are tracking better than budget with a firm hold on our expenses. We can see signs that the economy is recovering, as airlines are increasing their frequency and capacity, even adding certain flights lost during the aftermath of September 11th,” said Mr. Benoit.
“Passenger volumes increased three percent during the first quarter of 2002 compared to the previous quarter. Yes, we lost ground compared to the first quarter of 2001 but that period was itself an anomaly, registering an 11.3 % increase over the first three months of 2000,” said Mr. Benoit. “This year, our first quarter decline means we have returned to the high passenger traffic levels of 2000, the best year ever on record at Ottawa Airport.”
The number of enplaned/deplaned passengers for the first quarter of 2002 was 773,742, a decrease of 11.5% from 2001 (875,056). When compared to 2000 passenger volumes (787,440), this represents a decline of less than two percent. Overall passenger traffic for 2001 decreased by 1.25% compared to 2000 traffic.
As of December 31st, 2001, passenger traffic had grown by 19% since the Ottawa Airport Authority took over management and operations of the airport. For the first time in the Airport’s history, passengers enjoyed a choice of 28 direct destinations in 2001.
OMCIAA operates Ottawa International Airport without tax dollars under a 60-year lease transfer agreement with Transport Canada. The Authority’s mandate is to manage, operate and develop Airport facilities and lands in support of the economic growth of the National Capital Region. Its 40-year old terminal building was last expanded in 1987. Since that time, passenger traffic has increased over 40%.
The Ottawa Airport Authority will hold its Annual Public Meeting on May 1st, 2002 à the Gatineau Holiday Inn.
For additional information, please contact:
Laurent Benoit, (613) 248-2050
Director of Communications and Public Affairs