Operating revenues for Northern Virginia’s two commercial airports over the first six months of the year stand about 4 percent higher than a year before.
Overall, the results are “very positive,” said Andrew Rountree, vice president and chief financial officer of the Metropolitan Washington Airports Authority.
Financial figures related to operations at Ronald Reagan Washington National and Washington Dulles International airports were reported in advance of the authority’s board meeting on July 17.
For the January-to-June period, operating revenues totaled $430 million, up from $414 million a year before. Operating expenses totaled $375 million, up from $343 million a year before.
Total net operating income for the period was $54.7 million, down from $70.7 million for the first sixth months of 2023.
“Even though they’re lower,” Rountree said of revenue and income, “they’re coming in right where we had targeted.”
Year-over-year revenue growth was fueled by items not directly related to the airlines themselves, which totaled $281 million (up 11.2% from a year before and 10.6% from budgeted amounts). Revenue related to restaurants/bars, parking and rental cars was up significantly, as was revenue related to ground transportation, hotel/gas concessions, duty-free shopping and advertising. Revenue from retail/news concessions was flat.
In revenue directly related to airline operations, the total of $149 million for the January-through-June period was down 7.6 percent from a year before. Those figures include rents charged to airlines, landing fees and international-arrival fees. Those lower charges came despite increasing passenger counts, and, as Rountree noted, were in line (up 1.1%) from budget estimates.
On the non-operating side, higher interest rates worked to both increase investment income (up $13.47 million to $64.9 million for the first six months of the year) and interest payments due on the authority’s debt (up $4.73 million to $72.17 million).
