TBI's growing stable of low-cost airlines at Belfast International Airport helped boost its first half pre-tax profits to £21.4 million sterling (€27.17 million) despite the global turmoil in the aviation sector.
The British airports operator, which also owns Cardiff International and has a majority stake in London Luton, reported a £7 million sterling surge in interim pre-tax profits, up from £14.3 million last year, on an increased turnover of £107.7 million.
The latest results include a £6 million exceptional charge to cover the costs of TBI's defence against the French group Vinci SA, which mounted an aggressive £517 million takeover challenge for the airports' operator during the period under review.
TBI's UK airports delivered a strong first-half performance with Belfast International leading the way in terms of passenger growth at 18 per cent. London Luton reported a 6 per cent increase in passenger figures while Cardiff grew more modestly at 3 per cent.
TBI's international airports at Orlando Stanford in the US and Bolivia delivered strong results but its 90 per cent stake in Stockholm Skavsta turned in a poor performance. It posted a £700,000 loss which it said reflected that "its cost base exceeded the income derived from aeronautical activities". This could pose potential problems for Ryanair's services to and from Skavsta.
"The Board is critically analysing the cost base and reviewing the relationship with Ryanair, whose current agreement ends in February 2002," TBI confirmed yesterday.
According to Mr Keith Brooks, chief executive of TBI, the group is relatively immune to the slowdown in the international aviation sector because its growth is primarily driven by short-haul traffic.
"Short-haul traffic accounts for 97 per cent of TBI's UK airports' passengers and has continued to increase.
"EasyJet and Go have really filled the gap created by the departure of the flag carriers and in one sense it has given us the opportunity to grow our low-cost operators business," Mr Brooks said.
"In the past we might have been nervous about bringing on new low-cost routes that might take traffic away from the likes of British Airways, we obviously no longer have those concerns," Mr Brooks told The Irish Times.
He expects Go and easyJet to examine expanding existing services from Belfast International.
"Anyone who pays the right price is welcome at Belfast International but the economics have to be right for both parties.
"Ryanair is welcome to come to Belfast International whenever it likes," Mr Brooks said.
He said October passenger numbers showed a 13 per cent rise in people flying to and from Belfast International in 2001 compared to the same time last year.
