Johannesburg, Aug 21 (Inditop.com) The Airports Company South Africa (ACSA) has posted better earnings this year with 3.2 billion rand ($408 million) compared to last year’s 2.8 billion (about $357 million), despite a global economic crisis, BuaNews reported.
The ACSA said in a statement Thursday that its financial results were solid despite an environment characterised by declining air traffic due to the financial slowdown.
“International traffic, which yielded higher returns, declined by 0.74 percent compared to 2008’s 9.9 percent increase,” ACSA said.
For the first time in ACSA’S history, passenger numbers saw an overall reduction of 7.7 percent in 2009, compared to the 10.6 percent increase recorded last year.
Aircraft landings at the airport also decreased by 3.8 percent, despite the 7.5 percent increase it reported last year.
ACSA executive director for finance Priscillah Mabelane said the company’s situation was more difficult as it had undertaken the highest-ever capital expenditure programme.
“We also had to contend with adverse determinations by the regulator, which required the group to pay upfront for the capital expenditure programme and recover the investment later through tariffs simultaneously.
“This was at a time when banks and other finance institutions were tightening their lending criteria,” she said.
According to the company, it was able to increase its income by 13 percent due to the growth in property, car hire and hotel operations. This non-aeronautical revenue went up from 1.4 billion rand last year to 1.7 billion rand this year.
