That is according to the 2021 annual report for the IAA which shows that the IAA last year recorded a pre-tax profit of €11.37 million after recording a pre-tax loss of €164,000 in 2020.
Similarly, the number of North Atlantic flights handled by IAA totaled 263,200 was 24% up on 2020 but down 48% on 2019. On the IAA response to the Covid-19, Ms Hynes stated that in 2021, the IAA handled 50% fewer flights when compared with activity in 2019 resulting in a similar reduction in our cash receipts.Ms Hynes stated that the company's cost base, taking into account Government supports, was 11% lower than in 2019 and only essential capital expenditure was undertaken.
"Reflective of the recovery, we were in a position to conclude the majority of cost containment mechanisms before the end of the year," he said. "This decrease would have been more severe if cost containment measures had not been implemented. Cost containment in 2020 and 2021 was a necessary component of our strategy to manage our way through the crisis and secure the future of the Company," he said.