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Winnipeg Free Press - ONLINE EDITION

Airport traffic up, profit down

By: Murray McNeill

Posted: 10/27/2010 11:27 AM | Comments: 0 (including replies)

WINNIPEG — An increase in passenger and cargo traffic wasn’t enough to prevent a decline in third-quarter profit for Winnipeg Airports Authority Inc.

The WAA said today it posted a profit of $8.8 million for the quarter, down from $10.5 million in the same period last year.

That was despite a 0.5 per cent increase in passenger traffic during the quarter, and despite cargo traffic running seven per cent ahead of last year’s pace after the first nine months of 2010.

Part of the problem was that operating costs were rising faster than revenues. The WAA said revenues grew by 2.2 per cent to $20.6 million for the quarter, but operating costs jumped by twice than amount, climbing by 4.6 per cent to $8.6 million.

"As noted by economists, the recovery in Canada is expected to be gradual, with an expected return to full capacity at the end of 2012," said Barry Rempel, WAA’s president and CEO.

murray.mcneill@freepress.mb.ca

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