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Airport would welcome a debt write down

Sunday, 20th September, 2015 7:22pm
Airport would welcome a debt write down

BY SIOBHAN CRONIN

THE managing director of Cork Airport has said he would welcome a write-down of its debt.

Niall MacCarthy told The Southern Star that while a write-down ‘would be great’, it should be made clear that it doesn’t affect the day-to-day operations at the airport, as the debt rests on the balance sheet of parent, the Dublin Airport Authority (DAA).

Mr MacCarthy, who is on the management team of the DAA, added that the debt, does not impact on passenger charges in any way. He said it was also important to point out that Cork Airport is ‘operationally profitable’.

In answer to an extensive Q&A in this week’s paper, Mr MacCarthy said that it was expected that 2m passengers would have flown through the airport by year’s end. This is a drop on last year’s figure of 2.1m, but numbers are expected to rise once more, in 2016.

Referring to the absence of Cork-Dublin flights, Mr MacCarthy said: ‘We have looked at this route and discussed it with a number of airlines, but it simply isn’t viable as a point-to-point route. It may be viable as a feeder for transatlantic routes. We have engaged with businesses locally, Chamber of Commerce and Stobart Air to find a way of underwriting the route, but haven’t found a way to do so. Simply, the demand just isn’t there.

He also said transatlantic flights remain ‘a long term aspiration’ and also rubbished claims that fees and charges were an issue at Cork.

‘Cork Airport is very competitive in relation to fees and charges for airlines

We are 17% cheaper than Dublin Airport and an average of 8% cheaper than our Europeans peers,’ he said.

BY SIOBHAN CRONIN

THE managing director of Cork Airport has said he would welcome a write-down of its debt.

Niall MacCarthy told The Southern Star that while a write-down ‘would be great’, it should be made clear that it doesn’t affect the day-to-day operations at the airport, as the debt rests on the balance sheet of parent, the Dublin Airport Authority (DAA).

Mr MacCarthy, who is on the management team of the DAA, added that the debt, does not impact on passenger charges in any way. He said it was also important to point out that Cork Airport is ‘operationally profitable’.

In answer to an extensive Q&A in this week’s paper, Mr MacCarthy said that it was expected that 2m passengers would have flown through the airport by year’s end. This is a drop on last year’s figure of 2.1m, but numbers are expected to rise once more, in 2016.

Referring to the absence of Cork-Dublin flights, Mr MacCarthy said: ‘We have looked at this route and discussed it with a number of airlines, but it simply isn’t viable as a point-to-point route. It may be viable as a feeder for transatlantic routes. We have engaged with businesses locally, Chamber of Commerce and Stobart Air to find a way of underwriting the route, but haven’t found a way to do so. Simply, the demand just isn’t there.

He also said transatlantic flights remain ‘a long term aspiration’ and also rubbished claims that fees and charges were an issue at Cork.

‘Cork Airport is very competitive in relation to fees and charges for airlines

We are 17% cheaper than Dublin Airport and an average of 8% cheaper than our Europeans peers,’ he said.

BY SIOBHAN CRONIN

THE managing director of Cork Airport has said he would welcome a write-down of its debt.

Niall MacCarthy told The Southern Star that while a write-down ‘would be great’, it should be made clear that it doesn’t affect the day-to-day operations at the airport, as the debt rests on the balance sheet of parent, the Dublin Airport Authority (DAA).

Mr MacCarthy, who is on the management team of the DAA, added that the debt, does not impact on passenger charges in any way. He said it was also important to point out that Cork Airport is ‘operationally profitable’.

In answer to an extensive Q&A in this week’s paper, Mr MacCarthy said that it was expected that 2m passengers would have flown through the airport by year’s end. This is a drop on last year’s figure of 2.1m, but numbers are expected to rise once more, in 2016.

Referring to the absence of Cork-Dublin flights, Mr MacCarthy said: ‘We have looked at this route and discussed it with a number of airlines, but it simply isn’t viable as a point-to-point route. It may be viable as a feeder for transatlantic routes. We have engaged with businesses locally, Chamber of Commerce and Stobart Air to find a way of underwriting the route, but haven’t found a way to do so. Simply, the demand just isn’t there.

He also said transatlantic flights remain ‘a long term aspiration’ and also rubbished claims that fees and charges were an issue at Cork.

‘Cork Airport is very competitive in relation to fees and charges for airlines

We are 17% cheaper than Dublin Airport and an average of 8% cheaper than our Europeans peers,’ he said.

BY SIOBHAN CRONIN

THE managing director of Cork Airport has said he would welcome a write-down of its debt.

Niall MacCarthy told The Southern Star that while a write-down ‘would be great’, it should be made clear that it doesn’t affect the day-to-day operations at the airport, as the debt rests on the balance sheet of parent, the Dublin Airport Authority (DAA).

Mr MacCarthy, who is on the management team of the DAA, added that the debt, does not impact on passenger charges in any way. He said it was also important to point out that Cork Airport is ‘operationally profitable’.

In answer to an extensive Q&A in this week’s paper, Mr MacCarthy said that it was expected that 2m passengers would have flown through the airport by year’s end. This is a drop on last year’s figure of 2.1m, but numbers are expected to rise once more, in 2016.

Referring to the absence of Cork-Dublin flights, Mr MacCarthy said: ‘We have looked at this route and discussed it with a number of airlines, but it simply isn’t viable as a point-to-point route. It may be viable as a feeder for transatlantic routes. We have engaged with businesses locally, Chamber of Commerce and Stobart Air to find a way of underwriting the route, but haven’t found a way to do so. Simply, the demand just isn’t there.

He also said transatlantic flights remain ‘a long term aspiration’ and also rubbished claims that fees and charges were an issue at Cork.

‘Cork Airport is very competitive in relation to fees and charges for airlines

We are 17% cheaper than Dublin Airport and an average of 8% cheaper than our Europeans peers,’ he said.

BY SIOBHAN CRONIN

THE managing director of Cork Airport has said he would welcome a write-down of its debt.

Niall MacCarthy told The Southern Star that while a write-down ‘would be great’, it should be made clear that it doesn’t affect the day-to-day operations at the airport, as the debt rests on the balance sheet of parent, the Dublin Airport Authority (DAA).

Mr MacCarthy, who is on the management team of the DAA, added that the debt, does not impact on passenger charges in any way. He said it was also important to point out that Cork Airport is ‘operationally profitable’.

In answer to an extensive Q&A in this week’s paper, Mr MacCarthy said that it was expected that 2m passengers would have flown through the airport by year’s end. This is a drop on last year’s figure of 2.1m, but numbers are expected to rise once more, in 2016.

Referring to the absence of Cork-Dublin flights, Mr MacCarthy said: ‘We have looked at this route and discussed it with a number of airlines, but it simply isn’t viable as a point-to-point route. It may be viable as a feeder for transatlantic routes. We have engaged with businesses locally, Chamber of Commerce and Stobart Air to find a way of underwriting the route, but haven’t found a way to do so. Simply, the demand just isn’t there.

He also said transatlantic flights remain ‘a long term aspiration’ and also rubbished claims that fees and charges were an issue at Cork.

‘Cork Airport is very competitive in relation to fees and charges for airlines

We are 17% cheaper than Dublin Airport and an average of 8% cheaper than our Europeans peers,’ he said.

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