The firm running Knock airport recorded an operating profit of €1.1 million last year only to see it wiped out after it wrote down the value of lands and holdings at the airport by 52 per cent, writes Gordon Deegan.

According to accounts just filed with the Companies Office by Connaught Airport Development Co Ltd, the company recorded a pretax loss last year of €2.2 million after the writedown of €2.95 million. The loss compares with a pretax profit of €1 million in 2007.

A spokesman said the firm’s cash flow and trading position remained healthy in the context of the recession.