Achi news desk-
HALIFAX –
Atlantic Canada’s largest airport says it has returned to financial sustainability after recording a net profit of $16 million in 2023.
The figure announced Thursday at the Halifax International Airport Authority’s annual public meeting follows a loss of $7.4 million in 2022.
In a news release, the authority attributed Halifax Stanfield International Airport’s return to financial health to a significant increase in passenger numbers and revenue growth after three years of limited travel demand, largely due to the COVID-19 pandemic.
He says passenger numbers are up 15 percent, while non-aeronautical revenue is up 26 percent to help the airport’s overall revenue exceed a $4.7 million jump in expenses compared to 2022.
Total revenue in 2023 was $139.5 million, up 25 percent from 2022, while total capital expenditures were $30.1 million, a 23 percent increase over the previous year.
The authority said the increase in the airport’s overall activity levels required more upfront spending, while the effects of inflation had increased the cost of many services and supplies.
This report was first published by The Canadian Press on May 9, 2024.
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