Cardiff Airport is now worth just £15 million, according to the Welsh Government.
The valuation was revealed in response to questions by Welsh Conservative Darren Millar MS during the Economy, Skills, and Infrastructure Committee meeting today (March 10).
The Welsh Government paid £52 million for the airport in 2013 and has since purchased additional equity totalling £9.3m. Last week it awarded the airport a grant of £42.6m and wrote of £42.6m in taxpayer-funded loans.
The airport lost more than £40m since its nationalisation, including more than £19m in the year to March 2019. Figures for 2020 are yet to be published.
Clwyd West MS Darren Millar said:
“Labour Ministers promised that its purchase of Cardiff Airport would be a good investment yet more than seven years on and hundreds of millions of taxpayers’ funding later and the airport is worth just a fraction of its original purchase price.
“The failure of the Welsh Government to publish information to justify its latest bail out for the Airport is scandalous. Ministers cannot hide behind commercial confidentiality when it comes to taxpayer support in the form of a £42.6 million grant and £42.6 million in debt being written off.
“It is clear that the decision to nationalise Cardiff Airport has placed an albatross around the neck of Welsh taxpayers and without swift action tens of millions more will be lost.”