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Aerodrom Ljubljana Exceeded Plans in 2011

Brnik, 15 March (STA) - Airport operator Aerodrom Ljubljana posted a EUR 5.2m net profit in 2011, up 23% from the previous year and 3.4% above plans. Revenues remained virtually flat at EUR 34m, which is however 5.6% above plans, the company said on Thursday.

"2011 was a good year for Aerodrom Ljubljana business results-wise, especially when looked at in light of the situation we had to face," the company said in a press release, pointing to the troubles of Slovenia's flag carrier Adria Airways.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were about 15% higher than in 2010 and 18% above plans.

The number of passengers fell by 1.4% and the airport registered 7.8% fewer aircraft movements, but as carriers traded smaller planes for bigger ones, it is a positive trend, revenue-wise.

Aerodrom Ljubljana mostly covered the decrease in the number of Adria's flights with other carriers, which resulted in a 17.3% hike in foreign passengers and a 1.4% increase of foreign aircraft movements.

Cargo transports were 13.6% higher year-on-year.

According to the airport operator, the results would have been even better had the company not suffered a EUR 2.2m impairment because of an investment in an associated company.

Aerodrom Ljubljana invested EUR 2.4m instead of the planned EUR 6.4m in buildings and computer equipment in 2011 because of the unstable situation.

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