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THE Airport Authority Hong Kong has announced that first-half net profit increased 50 per cent to HK$1.96 billion (US$235 million) year on year, driven by robust cargo and passenger growth.
The government airport operator declared in a statement that cargo volume increased 27 per cent to 2.1 million tonnes from 1.7 million tonnes with passenger traffic rising 12 per cent to 154,834 from 138,541 people.
"Air cargo, which suffered the most during the downturn, did particularly well, boosted by robust export and transhipments," said Airport Authority CEO Stanley Hui.
"The outstanding 50 per cent line increase was mainly the result of strong performance in both air traffic volumes and retail operations, accounting for a revenue growth of 19 per cent and 25 per cent respectively," he said.
Revenue during six months ending September 30 increased 19 per cent to HK$5.14 billion from HK$4.32 billion. Last year's first half profit stood at HK$1.31 billion.
Mr Hui also said traffic had returned to pre-crisis levels and the pace of the recovery in air traffic demand in the first half was better than expected, particularly in air cargo.
"With signs of sustained economic growth, we are on track for new records in passenger and cargo volume as well as aircraft movements, although the rate of growth in the coming months may slow down against a higher base of comparison," he said.
Passenger volume in its first half rose 13 per cent to 26 million from 23 million, said the airport statement.
But authority finance chief William Lo said: "While we saw a very robust rebound in air traffic in the first six months, we remain cautious about the stability of the financial markets and the pace of recovery in major economies. The Airport Authority is maintaining very healthy financial strength, largely a result of remarkable business growth and effective management of its financial resources. We will continue to operate based on prudent commercial principles."
(Source:www.schednet.com)
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