By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE NASSAU Airport Development Company's chief executive and president, Stewart Steeves, has pledged that when the planned fee increases at Lynden Pindling International Airport (LPIA) are completed, they will still be 'equal to or less than' the regional average and Florida. Speaking at a press briefing and tour of the phase II construction at LPIA)on Wednesday, Mr Steeves said airport revenue has been increased in a number of ways. "The revenue is increasing through a number of ways," he said. "We maximise our commercial program - retail shops, parking, leased land on the airport - and certainly as we open the new terminal we will notice a lot more shops, restaurants and retail there, so that's allowed for lot more growth in revenue. "But we also have a progressive phased in rate increase program that's happening over the life of the project, which was agreed to with our partners back in 2008," Mr Steeves added. "It was agreed we would phase it in over five or six years to lesson the impact from any one year. The consequence of that program continues to unfold. The important part with our rate increase is that when we are done with all our rate increases, our cost base as an airport will be competitive in the region and also benchmarked against Florida, because our rates here were in fact so low when we started. I should add hat having competitive rates here, which they will be, will be equal or less than the regional average." Mr Steeves further stated: "When we compare to an average airport in the region, an average airport is purely an international airport. They don't have three sectors of services to deal with. The three sectors introduce complexity, introduce costs, so for us to be competitive benchmarked against that average is a great achievement." NAD recorded a revenue increase of $5.3 million to finish the year at $46.7 million, according to its audited financial statements for 2011 fiscal year, which also revealed that costs increased by $1.5 million to 19.2 million. NAD's chief financial officer, Paul Ward, said the revenue increase had been driven by aeronautical growth and commercial revenues, while costs had been driven by increases in utilities and supplies. NAD's non-operating expenses increased by $8.1 million to finish the year at $19.7 million as a result of increased interest and depreciation with the stage I opening, Mr Ward said, noting that NAD had generated $7.8 million in net income.