Jim Higgins
Question:134 Mr. Higgins (Mayo) asked the Minister for Public Enterprise the profit made by Aer Rianta for 1997 to 2000, inclusive. [13281/01]
Written Answers - Aer Rianta Profits.
Aer Rianta's profits for the years in question, as detailed in the company's annual accounts, copies of which were laid before this House, are £42.1 million in 1997, £48 million in 1998 and £31 million in 1999. The profits in respect of last year's performance are not available at this stage but these will be announced after the company's AGM which is scheduled to be held at the end of this month.
These profit figures should be viewed against the background of considerably expanded capital development programmes by Aer Rianta at the three State airports in order to cater for both cur rent traffic demands and future passenger growth. Aer Rianta's capital investment programme doubled from £57 million in 1997 to £114 million in 1999 while its borrowings for the same period rose by 80% to £163 million. Aer Rianta funds its major investment programmes from its own resources including profits and borrowings. The company estimates that it will need to invest in the region of £100 million per annum on average over the coming years at the State airports.