THE Airports Company South Africa has returned to profitability largely on the back of a controversial 70% hike in airport tariffs last year. At a media briefing in Cape Town yesterday, Acsa said it has reversed a loss of R221m last year into a R188m profit for the financial year ending March 31, 2012. “This turnaround is largely attributable to a partial resolution of the impasse between the company and the regulating committee regarding tariffs for the 2011 to 2015 permission cycle,” the company said. Total revenue increased by 23% to R5,7bn, of which R3,3bn or 58% was aeronautical revenue, comprising aircraft landing and parking fees paid by airlines and including R2,1bn in service charges paid by passengers. This represents a 38% increase in aeronautical revenue. In contrast, non-aeronautical revenue derived from commercial activities rose only 7% to R2.3bn, constituting 42% of total revenue. Acsa acting md, Bongani Maseko, said profits were also driven by a 3% growth in departing passengers totaling 17,9m, although air traffic movements declined by 0,2% to 541 000. With a positive cash balance of R2,5bn, the company’s financial position is expected to improve further as its capital expenditure programme relating to new airports has been completed and no further capacity is required in the short- to medium-term.
