Aéroports de Montréal (ADM) on Tuesday posted an increase in operating profit for its 2021 fiscal year, even though passenger traffic at Montreal-Trudeau International Airport declined by 4.3 per cent compared to 2020.
Passenger numbers at Trudeau Airport were 5.2 million last year, which also represented a 74.4 per cent decline from 2019, ADM said.
However, a gradual recovery in the second half of the year resulted in fourth-quarter passenger levels that were equivalent to 50 per cent of 2019 levels for those three months.
Even so, earnings before taxes, financial charges, depreciation, amortization, and share of results of a joint venture (EBITDA) increased 56.0 per cent from $40.8 million in 2020 to $63.6 million in 2021.
Revenues decreased by 1.6 per cent year-over-year to $277.7 million, but operating expenses decreased even more, by 4.9 per cent to $150.9 million.
The decrease in expenses was due in part to the reduction in airport operations and the temporary closure of certain areas of the terminal building, which were gradually reopened in line with traffic levels. In addition, no pandemic-related expenses were incurred last year, compared to $39.9 million in 2020.
- This report by The Canadian Press was first published in French on March 22, 2022
