Air traffic movement in Irish skies declines
The first four months of this year, when compared to the same period in 2008, show that Dublin Airport movements were down 12%, on route (overflights) traffic was down 7%, and north Atlantic communications traffic down 7%.
In what it called a difficult year, the IAA’s turnover increased by 8.1% to €166.7 million, up from €154.2m in 2007.
Profit after tax was recorded at €12.2m, down from €14.7m the previous year. According to the IAA, the second half of 2008 was particularly difficult, as a number of factors conspired to create economic problems for its airline customers.
Following on from the high oil prices in the first half of the year, came the impact of the credit crunch, meltdown in financial markets and the onset of global economic recession, it said.
It concedes that the deterioration in the financial markets had a severe impact on the authority’s pension scheme and said it is examining ways in which to restructure its pension fund.
IAA chief executive Eamonn Brennan warned that the aviation industry was experiencing the most challenging and difficult economic conditions in the history of civil aviation. “More airline failures have occurred in 2008 than in the aftermath of the various industry shocks of the period 2001–2003,” he said.
