Copenhagen Airports (CPH) says it will reduce its costs in the wake of falling passenger traffic, growing operating costs and increasing bad debts due to the economic downturn.

CPH has reported a profit before tax of kr110.4m in the first quarter of 2009 – less than the revenues in the first quarter of 2008.

The profit is a result of better cost management and the strong position it enjoys in the European market.

Further, CPH adjusted costs to the lower level of earning and terminated 74 employees from service.

In 2008, the number of passengers dropped by 16.2% and revenues by 6.9% to kr655.2m compared to previous year. The operating costs also rose by 17.6%.