POSITIVE RESULTS FOR THE OTTAWA AIRPORT AUTHORITY IN Q3
28 November 2006 :00am
For the third quarter, the Airport Authority reports revenues of $18.7 million against expenses before depreciation of $15.1 million. Year to date, revenues of $56.8 million exceed expenses before depreciation of $47.8 million by $9.0 million. Year to date, depreciation of the terminal and other facilities amounted to an additional $10.9 million in expense.
Modest growth in passenger volumes, with a still-healthy international sector, resulted in a total of 2,875,629 passengers moving through the airport in the first nine months, compared to 2,830,283 for the same period in 2005. The numbers break down as follows: domestic increased by 0.9%, transborder was up by 0.7%, and international saw the biggest increase at 11.4%.
“Growth has been modest over the past two quarters, but overall, our passenger numbers are better than those of 2005” said Paul Benoit, Airport Authority President and CEO. He went on to say that “the Authority is looking forward to a vibrant holiday and charter season in the fourth quarter to strengthen our year end results”.
The Authority generated $56.8 million in revenues in the first nine months of 2006 as compared to $54.6 million in the same period in 2005. The small increase in passenger traffic resulted in a 2.0% increase in airport improvement fees for the period for a total of
$18.9 million. Aeronautical revenues including terminal fees, loading bridge charges and landing fees charged to carriers were 5.5% higher at $20.0 million, as compared to
$18.9 million for in the first three quarters of 2005.
Total expenses before depreciation increased to $47.8 million in the first nine months of 2006 from $46.4 million in 2005. For the first nine months of 2006, the Authority paid a total of $9.4 million in ground rent to the federal government in accordance with the new rent formula that was announced in 2005.
During the period, the Authority made cash payments of $9.1 million for major capital expenditures, related to the Airport Expansion Program Phase II. In addition, $2.5 million was spent on maintenance capital expenditures.
OMCIAA operates Ottawa International Airport without government subsidies under a 60-year lease transfer agreement with Transport Canada. The OMCIAA’s mandate is to manage, operate and develop airport facilities and lands in support of the economic growth of the National Capital Region. Its state-of-the-art passenger terminal building opened for business on October 12, 2003, and is being expanded to accommodate growth in passenger volumes.