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[0:50] ..." So what does that mean for Massport in the airport in terms. Let's -- a passenger traffic and of course. Fewer fees paid to a passport."...
[2:23] ..." time we've been in recessionary period. And back an eighty's and ninety's Massport experienced some of the same sort of activity was seen today. And we've worked our way through that growing at about one"...
[2:55] ..." We've had revenues. That we're about 527. Million dollars overall. We had operating expenses about 365. Million dollars so that they had excess revenue was used to pay for debt service cost and to fund our"...
[4:16] ..." 10% decline and I think that's indicative of what's happening in the airline industry overall."...
[4:21] ..." This is WBZ business producer Michael Epstein. Tune in for New England business reports weekday mornings at 38 past the hour and we did afternoons 25 past the hour. Only on WBZ. News radio 1030."...
[0:00]" This is Anthony sold in the double ABC newsroom the pressure is on at Logan Airport with the effects of airline mergers reduced flight schedules and fewer passengers. Are -- felt right on the bottom line. The mass port authority says passenger traffic at Logan is down about 6% so far this year I spoke with the chief financial officer -- John preconditions. Sure to tell me about what we've seen so far this year we're looking at passenger traffic what is -- were were discovery here."
[0:30]" Well I think for the first nine months of this year we've been down put it under 6%. For the month of September. That it would have worse on us with respect it was -- with economic climate. And we're down about 10% right now on -- September's overlooking this continue that trend. At least for the remaining part of this this year."
[0:50]" So what does that mean for Massport in the airport in terms. Let's -- a passenger traffic and of course. Fewer fees paid to a passport."
[1:01]" It's great question. Clearly is an issue that we've been dealing with -- 2009 budget. We've got to cut it with a bit above 5%. Or about thirteen million dollars from an operating standpoint and bought another five million dollars from -- capital standpoint so we've got to take out eighteen million dollars. Out of our system as a result of what was seen traffic activity."
[1:24]" Are you seen less income in terms of parking fees for landing fees and concessions as well."
[1:30]" Well because anticipated threatens bottom up budgeting process. We we we were taught and wind was we we think we should be from a revenue standpoint. For this fiscal year. But they are slightly down and and concern particularly areas and one. Being parking. But some other areas we've we've seen some increases. Because prices -- and some of the areas of concessions. As well as expanded products."
[1:57]" I would think that looking forward you don't see a lot of reason to to hope that a traffic will sharply inquiries."
[2:05]" You're absolutely correct with what we've had to do -- S department to reduce budgets going into next year another 7%. Because what we're seeing from an economic standpoint. And we we need to plan for what's in front of us and I think we're prepared to do so. This is the first time we've been in recessionary period. And back an eighty's and ninety's Massport experienced some of the same sort of activity was seen today. And we've worked our way through that growing at about one half percent for years sense. So I think that's good thing."
[2:39]" Now compared to other airports does Logan have. A positive cash reserve to -- to hell in in the affects of this downturn."
[2:49]" Well we've we've had to decent year and at the end of last fiscal year. We've had revenues. That we're about 527. Million dollars overall. We had operating expenses about 365. Million dollars so that they had excess revenue was used to pay for debt service cost and to fund our 900 million dollar capital program. So that that was a good thing for us are operating results were -- operating income for the year was slightly down. From the previous year but not a big concern to us. But I think overall going to be in good shape."
[3:27]" I would also think that because of the economy you are limited on increasing any of these these fees that that obviously depends on what is happening out there."
[3:37]" Absolutely. You know -- cost conscious and what needs to take place here. Overall and we've been able to keep our -- to deal warns enough partners recognizing this situation that Iran to spokeswoman economic standpoint as what was what they were experiencing from higher fuel prices."
[3:55]" So is this an indication that. That you expect the slowdown to -- due to get worse."
[4:00]" Zoller well. I think we are and that's why we're looking at 7% reduction this time around rather than a 5%. From what we did last year or so. You know hopefully that trend doesn't continue that way. But not only here Logan but nationally would receive in 10% decline and I think that's indicative of what's happening in the airline industry overall."
[4:21]" This is WBZ business producer Michael Epstein. Tune in for New England business reports weekday mornings at 38 past the hour and we did afternoons 25 past the hour. Only on WBZ. News radio 1030."
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