Profits plummet at Air Rianta

AER RIANTA International saw its profits plummet in 2010, accounts filed with the Companies Office show.
The company recorded a profit for the financial year of €2,336,000 last year, compared to €22,932,000 in 2009.
In the business review section of the director’s report, it stated that last year had been relatively successful.
“The trading performance of the company in 2010 has been good in light of the challenging current economic climate with turnover exceeding €60 million (2009, €62m). This has been offset by impairments of financial assets and provisions for inter company and related balances of €19.6m (2009 €5.2m). The increase in turnover in 2010 reflects an increase in the value of goods supplied to external customers and certain group undertakings, partially offset by a decrease in the value of services provided. Income from financial assets and investments was €17.7m (2009, €24.2m) and represents dividends received from subsidiary and associate companies.”
According to the profit and loss account for the year, payroll and associated costs for 2010 were €5,970,000 compared to €7,144,000 in 2009. On average, 77 people were employed in Shannon in 2009 but this was down to 60 last year.