Charges cap hits Aer Rianta profits

A cap on landing charges and difficulties in some of its markets reduced profits by 50% at Aer Rianta last year, according to an Irish Times report.

The company is currently finalising its accounts for last year, but the Irish Times says it is expected to post profits after tax in the vicinity of €18m - around half the €36.2m reported for 2002.

The paper says the State company's earnings were hit by a cap on landing charges imposed by the Commission for Aviation Regulation (CAR).

It also had other difficulties, including ongoing losses at its subsidiary, Aer Rianta International, which is exposed to weakness in continental markets through its involvement in Hamburg and Dusseldorf airports.