The airport has experienced significant job and financial losses throughout the first half of this year, with plans to keep its place as a central hub in Northern Europe
Copenhagen Airports recorded severe losses throughout the first half of 2021, serving just 1.4 million passengers.
However, recovery did begin to become apparent towards the end of the first half, as there was an increase in traveller growth. In June, the decline sat at 82.6% below 2019 levels.
The airport’s revenue is currently down by 78.7% compared to 2019, and it is still is obliged to stay open for freight traffic as well as commercial flights.
Despite efforts to reduce costs whilst still in operation, the hub still added DKK 734 million (£84m) worth of debt.
CPH has implemented a cost-cutting initiative – which included letting go of more than 800 employees – that has resulted in the airport saving about DKK 500 million (£57m).
Prior to the pandemic, the Danish hub invested around DKK 2 billion (£228m) into developing the site, however this was then reassessed last year and cut by DKK 800 million (£91m). Now, money is mostly being spent of developing Terminal 3, including the expansion of baggage reclaim.
As its route network begins to restore, CPH is now in competing for the position of northern Europe’s leading international aviation hub, as the pressure to reach this milestone has intensified due to the pandemic.
If the airport is to stay in the running for this place, it needs to experience accelerated earnings and air traffic in the near future.