Hong Kong airport profit up 32pc to US$688 million on 15pc revenue rise (Hong Kong Shipping Gazette)
THE Hong Kong International Airport has posted a profit of HK$5.336 billion (US$688 million), up 32.2 per cent, in the financial year ending March 31, with a 14.8 per cent increase in revenue to HK$12.15 billion.
The Airport Authority said revenue and profit both reached a record high, and it declared a final dividend of HK$3.9 billion to the government.
The authority's CEO Stanley Hui said he was encouraged that both revenue and profit have seen double-digit growth for two years in a row.
"The strong performance is a result of healthy traffic growth, and it is indicative of our ongoing efforts to contain costs, enhance operational efficiency, and explore every possible means to increase revenue by leveraging Hong Kong International Airport's growing passenger traffic," said Mr Hui.
During the year, the total cargo handled decreased 5.9 per cent to 3.9 million tonnes. But the passenger volume grew 6.6 per cent to 54.9 million, and flight movements rose 7.2 per cent to 339,000.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were up 17.4 per cent to HK$8.235 billion, contributing to an improvement of the return on equity from 11.1 per cent to 14.2 per cent.
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