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21/03/2002
Derry Airport expected to report £1m loss at year-end
City of Derry Airport is expected to reveal operating losses in excess of £1 million by the end of the financial year.
Leaked information suggested that by the end of the financial year on April 5, the council-owned airport will report an overall deficit of £1.1 million - representing a much bigger figure than had been initially expected.
Airport insurance and security costs have increased exponentially since September 11, eroding the airport's profits for the year, and the news means Derry's ratepayers, who effectively fund the facility, will be paying the bill for some time to come.
However, Tony McGurk, chief executive of Derry City Council, moved quickly to scotch rumours that the airport's future was in doubt.
Speaking on Thursday 21 March, Mr McGurk said: "The Simmonds Report established that the airport is one of the most efficiently operated airports in the UK and Ireland and requires a lower operating subsidy than many airports of a similar size.
"Airports are highly regulated with over 80 per cent of the operating costs fixed by international Civil Aviation and Department of Transport regulations. Derry City Council is committed to maintaining and managing the expenditure at the Airport and is constantly looking at ways to ensure this can be improved upon”.
Mr McGurk went on to reveal that demand for scheduled services at the airport remain "buoyant" with many of the scheduled flights recovering from the recent downturn to show an increase on passenger figures, when compared to last year.
He added: “Derry City Council is committed to ensuring the airport continues to be a gateway for the North West region and fulfils it important role as an essential part of the regional infrastructure."
(CL)
Leaked information suggested that by the end of the financial year on April 5, the council-owned airport will report an overall deficit of £1.1 million - representing a much bigger figure than had been initially expected.
Airport insurance and security costs have increased exponentially since September 11, eroding the airport's profits for the year, and the news means Derry's ratepayers, who effectively fund the facility, will be paying the bill for some time to come.
However, Tony McGurk, chief executive of Derry City Council, moved quickly to scotch rumours that the airport's future was in doubt.
Speaking on Thursday 21 March, Mr McGurk said: "The Simmonds Report established that the airport is one of the most efficiently operated airports in the UK and Ireland and requires a lower operating subsidy than many airports of a similar size.
"Airports are highly regulated with over 80 per cent of the operating costs fixed by international Civil Aviation and Department of Transport regulations. Derry City Council is committed to maintaining and managing the expenditure at the Airport and is constantly looking at ways to ensure this can be improved upon”.
Mr McGurk went on to reveal that demand for scheduled services at the airport remain "buoyant" with many of the scheduled flights recovering from the recent downturn to show an increase on passenger figures, when compared to last year.
He added: “Derry City Council is committed to ensuring the airport continues to be a gateway for the North West region and fulfils it important role as an essential part of the regional infrastructure."
(CL)
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