Record profit at Hong Kong International airport

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Gavin Lipsith

6-Jul-2006

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The airport has reported a 33% increase in profit, to HK$1.62bn ($207.8m), on the back of a 10% increase in turnover for the year ended March 31

Airport Authority Hong Kong (AAHK) has reported a record annual profit for the year ended March 31, up 33% to HK$1.62bn ($207.8m). The company's turnover grew by 10% to HK$7.08bn ($910.6m) as Hong Kong International airport (HKIA) welcomed 41.6m passengers in the year, a 10% year-on-year increase compared to the global average passenger increase of 5%.

AAHK CEO David Pang welcomed the strong results as he announced the preparation of a masterplan examining the challenges and opportunities facing the airport until 2025. HKIA remains the world's fifth-busiest airport in terms of international traveler throughput, he said, and welcomed eight new scheduled carriers in the year to March 31.

Pang said the masterplan would re-examine HKIA's growth strategies by assessing the demand, supply and competition/cooperation dynamics that the airport will face over the next two decades. The airport aims to have completed the study by the fourth quarter of 2006.

In particular Pang emphasized the increasing importance the Chinese aviation market will play in HKIA's future, with the country's General Administration of Civil Aviation predicting that passenger traffic will grow at 11% annually until 2020. He also suggested that AAHK will continue to build its presence in mainland China.

"I am confident that China's ever-growing aviation market will provide HKIA with enormous growth momentum for the years to come," said Pang. "We will continue to explore new opportunities and bring added value to Hong Kong and the Chinese mainland by strengthening the competitiveness of HKIA and integrating with airports on the mainland."

The airport is also preparing for the soft launch of terminal two before the end of 2006. The new facility will also house a cross-boundary coach station to strengthen the airport's links with mainland China. The much anticipated SkyPlaza will also be an important aspect of T2. The terminal is part of the wider SkyCity project which will eventually include a terminal for ferry services to the Pearl River Delta region, two office blocks, a hotel and a nine-hole golf course.

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Record profit at Hong Kong International airport

Gavin Lipsith

The airport has reported a 33% increase in profit, to HK$1.62bn ($207.8m), on the back of a 10% increase in turnover for the year ended March 31

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