COVID-19 has crippled the airline industry and subsequently airports too including the Greater Moncton Romeo LeBlanc International Airport.
CEO Bernard LeBlanc says 98 percent of passengers were lost in April and May but cargo activity has been helping a bit.
LeBlanc says 2020 was actually getting off to a promising start.
“January and February were terrific months for us and we actually had growth in passengers over the prior year but when we hit March, that’s when the world changed,” he noted.
Layoffs will be necessary in August but he says it’s not clear yet how many employees will be affected.
Right now, he says 20 percent of the airport’s current revenue is coming from the federal wage subsidy program.
In addition, most major capital projects have been cancelled.
LeBlanc says the airport may be in better financial shape than many others since his team has taken steps in recent years to manage expenses and reduce the debt.
He adds their forecast shows the airport should have enough money to operate until early next year before borrowing becomes necessary.
