The Ottawa International Airport Authority today released its results for Q3 2007.

Overall passenger volumes maintained strong growth during the quarter, setting the stage for another record-breaking year. A total of 3,066,774 passengers travelled through the airport in the first three quarters of the year, which represents a 6.7% increase over the same period in 2006. The sector increases break down as follows: domestic grew by 7.9%; international traffic was 5.2% higher, while transborder volumes increased by 2.6% over 2006 figures.

For the first three quarters of 2007, earnings before depreciation of $14.4 million were higher than earnings before depreciation of $9.0 million for the same period in 2006. After depreciation, revenues exceeded expenses by $3.5 million in the first nine months of the year compared to expenses exceeding revenues by $1.9 million for the same period in 2006.

”We are very pleased with the continued growth in passenger numbers” said Paul Benoit, President and CEO of the Ottawa International Airport Authority. “While domestic traffic was the big news this quarter, the upcoming holiday and charter travel seasons should give the transborder and international figures a significant year-end boost.”

Revenues

The Authority generated $63.1 million in revenues in the first nine months of 2007 as compared to $56.8 million during the first three quarters of 2006. Airport improvement fees (AIF) of $21.1 million were 12% higher than the same period in 2006. Aeronautical revenues including terminal fees, loading bridge charges and landing fees charged to carriers were 7.3% higher at $21.5 million, as compared to $20.0 million for the same period in 2006 as a result of higher passenger volumes.

Expenses

Total expenses before depreciation increased to $48.7 million in the first nine months of 2007 from $47.9 million in 2006. During the period, the Authority paid a total of $8.7 million in ground rent to the federal government, which was 7.6% lower than rent paid for the same period in 2006. This decrease is in keeping with the new rent formula announced in 2005.

Capital Expenditures

During the period, the Authority made cash payments of $32.0 million for major capital expenditures, related to the Airport Expansion Program Phase II. An additional $2.0 million was spent on sustaining capital expenditures.

OMCIAA operates Ottawa International Airport without government subsidies under a 60-year lease transfer agreement with Transport Canada. The OMCIAA’s mandate is to manage, operate and develop airport facilities and lands in support of the economic growth of the National Capital Region. Its state-of-the-art passenger terminal building opened for business on October 12, 2003, and is being expanded to accommodate growth in passenger volumes.

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