ARI profits grow by 73% in 2007

Nicole Mezzasalma

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The travel retailer contributed profits of €29.1m ($46m) to parent company Dublin Airport Authority’s results

Aer Rianta International’s (ARI) parent company Dublin Airport Authority (DAA) has announced its financial results for the year ended December 31 2007. Profits grew 56% to €109m ($172.5m) compared with the previous year. ARI’s profits rose by 73% to €29.1m ($46m) due to its strong economic growth in Eastern Europe and the Middle East.

DAA chairman Gary McCann said the figures reflected the successful sale of the group’s 24% stake in Birmingham International airport in the UK. “While the proceeds from that asset disposal left the group with a modest net cash position at the end of 2007, the first such surplus in 20 years, the acceleration of the Transformation Programme at Dublin airport requires DAA to source substantial debt capital to part fund that €2bn ($3.1bn) programme.”

The company also said that its focus is now on developing Dublin airport, with the delivery of Pier D in 2007 and the construction of the new terminal two.