Aer Rianta profits fell 44% last year

Irish airports operator Aer Rianta saw a 44% dip in after-tax profit to €20m in 2003, according to the company's annual report.

A weaker performance at Aer Rianta International and higher interest charges were blamed for the decline, despite turnover increasing to €437m from €427m.

Passenger numbers reached record levels, according to the company.

Wages and salaries also rose due to the implementation of national agreements, while its Great Southern Hotel chain came under pressure.

Aer Rianta will undergo a radical transformation shortly with present chairman Noel Hanlon's term expiring this summer.

Other Aer Rianta board members will continue to serve until three new boards take over at Dublin, Shannon and Cork airports.