Out-going Aer Rianta chairman Mr Noel Hanlon revealed today that group profits at the airport operator dropped 44 per cent to €20.2 million in 2003.
Speaking at the publication of Aer Rianta's annual report, Mr Hanlon also admitted he was disappointed with the decision to break up Aer Rianta and added it would cause "considerable difficulties".
Aer Rianta's report says 20.5 million passengers travelled through Irish airports last year, up 5.8 per cent on the pervious year. Eighty per cent of these passengers travelled through Dublin Airport.
Group turnover was up 3.8 per cent at €436.9 million, with income from airport charges up 1.5 per cent. The company claims that aviation revenue at Dublin has fallen dramatically since the regulatory price cap was introduced by the Commission for Aviation Regulation in 2001.
It also emerged that a decision is likely next week to write off approximately €7 million which has been invested in new facilities at Dublin airport, known as Pier D. It is believed Pier D will not now go ahead.
The company confirmed it will pay a dividend to the Government of €6.1 million to Exchequer.
But Mr Hanlon also called for the publication of the Pricewaterhouse Cooper's report on the future prospects of Dublin, Cork and Shannon Airports following a break-up of the State company.
It was reported in this morning's Irish Timesthat the PwC report, given to SIPTU and ICTU by the Department of Transport, has failed to show that Shannon and Cork airports could survive as viable standalone entities.
"The Pricewaterhouse Cooper's report has been made available to the Aer Rianta board but I feel that it should also be made available to the public," Mr Hanlon said.
He added that Aer Rianta was in the process of producing its own report into the future of the company and that that report will be made a public document.
Mr Hanlon also said there was no need for regulation in the sector as airports regulate themselves through competition. He quoted examples of Australia and New Zealand where regulation has successfully been removed.
Mr Hanlon called on the Government to set up a policy committee comprising of all key parties affected by airport development to "draw up a comprehensive strategy for the future development of the airports in Ireland".
Mr Noel Hanlon who has been chairman of Aer Rianta for ten years retires from his post next September.