Aer Rianta profits plummet 87%

PRE-TAX profits at the overseas duty-free operator owned by the Dublin Airport Authority (DAA) last year plummeted by 87% to €3 million.

Accounts just filed with the Companies Office by Shannon-based Aer Rianta International Ltd (ARIL), show the company recorded the sharp drop in pre-tax profits in spite of recording an 11.5% increase in turnover from €62.2m to €69.4m to the end of December last. ARIL had €153.8m in accumulated profits at the end of the year.

The chief factor behind the decrease in pre-tax profits from €25m to €3m was the exceptional €19.5m cost relating to impairment of financial assets and provisions against inter-company and related balances. This compares to a €5.2m cost in 2009.