Atlantic Canada’s largest airport says it has returned to financial sustainability after recording a net profit of $16 million in 2023.
The figure announced today at the annual public meeting of the Halifax International Airport Authority follows a loss of $7.4 million in 2022.
In a news release, the authority attributed the Halifax Stanfield International Airport’s return to financial health to a substantial increase in passenger volumes and revenue growth after three years of limited travel demand, mainly due to the COVID-19 pandemic.
It says passenger volumes were up by 15 per cent, while non-aeronautical revenue rose by 26 per cent to help the airport’s overall revenue outpace a $4.7-million jump in expenses compared to 2022.
Total revenue in 2023 was $139.5 million, up 25 per cent from 2022, while capital expenditures totalled $30.1 million, a 23 per cent increase over the previous year.
The authority said the increase in overall airport activity levels required more upfront spending, while the effects of inflation drove up the cost of many services and supplies.
This report by The Canadian Press was first published May 9, 2024.