The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

NASSAU Airport Development Company (NAD) saw total revenues of $71.5m in its 2014 fiscal year, an increase of $7.2m over the previous year, its Chief Financial Officer yesterday describing the airport operator’s fiscal position as stable.

Chris Ryan, NAD’s vice-president of finance and CFO, said that NAD had also suffered a net loss of $18.2m, compared to almost $11m in 2013.

“In 2014 our overall passenger traffic remained consistent at 3.2 million passengers,” Mr Ryan said. “The majority of those passengers arrived from the US. From an aircraft movement perspective we saw a slight bump in aircraft movements, that is the number of times an aircraft took-off and landed at LPIA.” He noted that NAD saw 85,900 movements in its 2014 fiscal year (as at June 30, 2014), which was up by 200 from the company’s 2013 results.

“Our fiscal year 2014 financial performance was much better than fiscal year 2013,” said Mr Ryan. “We generated revenue from these primary sources, aeronautical fees such as passenger facility charges, processing fees, landing fees, terminal fees, aircraft parking fees as well as its commercial operations.

 “In 2014 we saw total revenues of $71.5m, up $7.2m from the previous year. Our operating expenses increased from $22.9m in 2013 to $24.5m in 2014. We also saw an increase in our operating expenses, moving from $52.3m in 2013 to $65.2m in 2014. During the fiscal period NAD saw a net loss of $18.2m,” said Mr Ryan.

“Overall our fiscal position is stable. We will continue to seek ways to manage expenses and increase revenue by growing airlift and commercial revenue.”

Relative to the company’s debt repayment, Mr Ryan noted: “We take paying back this debt very seriously. There is an incredible amount of complexities associated with it from a standpoint of debt covenants which have to be met over the course of a period of repayment.

“In these first few years of operation with the debt it is important that we show our lenders that we can be relied upon to deliver what we set to to do. We are happy to report that the project was built on time and under budget which is very important.

“Subsequent to that, for the next few years of operation what we say we do we must deliver. So far that has been the case. There is a structured method in which we are paying the debt and we have even been maintaining that method and and paying it back on schedule.”