Aerial photograph of Copenhagen Airport. Credit: kallerna / commons.wikimedia.org.

Denmark-based Copenhagen Airports reported total revenue of kr577m ($81.6m) in the first quarter of 2022, a 205.1% surge compared with the same quarter of last year.

The growth in revenue was attributed to higher passenger volume, which reached 3.3 million in the first quarter of the year.

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In the first quarter of 2021, which was hit by pandemic-related curbs, passenger traffic was 0.4 million.

However, compared to the first quarter of 2019, or the pre-Covid-19 period, revenue was still down by 40.6%.

Cash flows before financing activities also remained strained, with an outflow of kr115m ($16.3m) in the first quarter of 2022. A year ago, the figure was kr485m ($68.8m).

The airport’s earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at a profit of kr109m ($15.4m) in the current quarter, versus a loss of kr262m ($37.2m) in the first quarter of 2021.

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EBIT was a loss of kr134m ($18.6m) in the three-month period ending 31 March, compared to a loss of kr404m ($57.1m) in the year-ago quarter.

Loss before tax in the current quarter was kr171m ($24.2m) compared with a loss of kr436m ($61.7m) in the first quarter of last year.

During the first quarter, the company announced capital investments of kr250m ($35.3m) for the construction of a multi-storey car park, expansion of Terminal 3, miscellaneous improvement and maintenance works, and acquisition of several IT systems.

Copenhagen Airports stated: “The war in Ukraine, combined with raising inflation, increased fuel and energy prices have brought added uncertainty to the future travel patterns.”