Fiscal year 2006 duty free sales at Los Angeles International Airport (LAX) fell to around $29m from the $31.1m achieved by DFS Group in 2005, although only car parking and rent a car contributed more

revenue.
Los Angeles World Airports (LAWA) has finally released audited financial results for its fiscal year 2006 (ending June 30, 2006) indicating that it increased its total net assets by 7% to $2.6bn over the period.
This translated into an increase of $172.9m compared with the year ending June 30, 2005 for LAWA which owns and operates Los Angeles International (LAX), LA/Ontario International (ONT), Van Nuys (VNY) and LA/Palmdale Regional (PMD).
In FY 2006, LAWA airports added approximately 300,000 passengers for a total count of 68.6m, an increase of less than one percent over the prior fiscal year's passenger count. LAWA's total operating revenues grew more than 8% over FY 2005 to $621m. Both landing fees and building rental rates, principally at LAX, were the major drivers of revenue growth. However, increases in concessions, notably auto parking and rental cars, contributed nearly $10 million to these results. At the same time, operating expenses grew nearly 10% to $548m.
Fiscal year 2006 duty free sales at Los Angeles International Airport (LAX) fell to around $29m from the $31.1m achieved by DFS Group in 2005, although only car parking and rent a car contributed more revenue to LAWA, with duty free ahead of food and beverage, gift and news foreign exchange and other concessions.
‘Los Angeles World Airports has posted another solid year of financial results, with net assets continuing to grow,’ said Alan Rothenberg, president of the Los Angeles Board of Airport Commissioners. ‘Despite relatively flat growth in passengers, our operating revenues increased, including virtually all categories of retail concessions. While we remain focused on cost containment, the challenges of running such a large, complex and important business as our airports require us to invest meaningfully in staff and technology.’
Outgoing LAWA Executive Director Lydia Kennard added: ‘Fiscal year 2006 saw us invest $206m into capital projects at our airports. We spent significant amounts on noise mitigation – one of our most important priorities – as well as improvements on the south runway at LAX and runway reconstruction at ONT.’