It will take “several years” for the pandemic-battered Ottawa airport to restore its full complement of pre-COVID routes and get delayed infrastructure projects back on track, officials said this week after the facility presented a 2020 financial summary that was awash in red ink.
Ottawa International Airport Authority CEO Mark Laroche didn’t sugar-coat the impact of the pandemic on the facility’s bottom line during the airport’s annual general meeting on Thursday.
“We knew the impact (of COVID-19) would be devastating,” Laroche said. “What we could not have predicted was the magnitude.”
Noting total passenger volumes plummeted nearly 75 per cent compared with 2019, Laroche said the airport racked up a net loss of $51.2 million last year after posting a surplus of $5.1 million the previous year.
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Ottawa’s Mistral raising nearly $50-million fund to capitalize on post-COVID opportunities Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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One of Canada’s few prominent “seed-stage” technology venture capital firms, Ottawa’s Mistral Venture Partners, is closing in on its goal of raising $50-million for its third fund to back startups hoping to reshape the postpandemic economy.
Mistral, led by veteran venture capitalist Code Cubitt, was set to start raising the fund last March, but delayed plans as the pandemic took hold. However, Mr. Cubitt said he went back out two months later at the behest of his anchor investor, Business Development Bank of Canada. So far, Mistral has raised $41-million for the fund – including backing from BDC and fund-of-funds investor HarbourVest