Business News of 2014-08-06

Airport company records growth in 2013

The Ghana Airports Company Limited (GACL) recovered from its losses in 2012 to post a profit of GH¢19.1 million in 2013. The company, last year, recorded a loss of GH¢ 84.2 million.
Speaking at the company’s annual general meeting in Accra, the Acting Managing Director, Mr Charles K. Asare, attributed the 2013 growth to improved revenues and effective cost management practices.
Its aeronautical revenues increased from GH¢63,875 in 2012 to GH¢ 87,525 in 2013 while non-aeronautical revenue increased marginally from GH¢24,369 to GH¢25,062 in 2013.
Mr Asare indicated that the airport passenger service charge and favourable exchange rates contributed significantly to the aeronautical revenue increase. The slight increase in non-aeronautical revenue resulted from a decrease in revenue from royalties although car park and rental income grew in 2013.
Freight, however, posted a negative variance of 6.2 per cent to result in total uplift of 43, 688 in 2013 as against 46,577 tonnes in 2012.
“The decrease is attributed to the general downturn in business activity across major economies which resulted in a shift of movement of goods by airfreight to air transport, particularly with regards to trade between Ghana and Nigeria,” he added.
Outlook for 2014
Mr Asare explained that business prospects for the aviation industry within the ECOWAS sub-region was good, adding that “industry experts predict continued growth in the sector as incomes and standard of living improves in the region.”
According to him, the goal of the GACL is to become the preferred aviation hub of the sub-region, which is achievable despite the various challenges that confront the economy.
“Our strategic focus to improve and expand our airport infrastructure and facilities and also improve customer service at all our airports would contribute positively to our growth,” he added.
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