Profits at Kerry Airport fell by 40% last year after an increase in overheads, while its passenger numbers grew by 8% to 419,114 due to its new Luton service provided by Ryanair.
Kerry said that its final profits after tax for the year ending October 2008 fell to €327,541 from €565,809 the previous year. Revenue grew by 6.7% to €6.976m.
Overhead costs were up 13% in the year due mainly to a change in the operator of its public service obligation route to Dublin, which required a change in staff, ground handling and emergency services.
'Our growth in traffic is encouraging considering the global economic events of 2008,' commented Denis Cregan, the chairman of Kerry Airport.
'Profit levels are less than those targeted and particular concern is that our cost base continues to expand at rates greater than our revenue growth, which is unsustainable and will require action,' he cautioned.
Kerry Airport currently has three daily flights to Dublin, twice daily flights to London Stansted, three weekly flights to London Luton and five weekly service to Frankfurt Hahn.
