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HK Airport Authority Interim Profits Top HK$1bn

by Mary Swire, Tax-News.com, Hong Kong

23 November 2007


The Hong Kong Airport Authority has announced revenue of nearly HK$4.2 billion (US$540 million) for the six months ended September 30, up 10.1% from the corresponding period last year. Profits for the period reached nearly HK$1.14 billion, up 14.4%.

Total passenger throughput grew 7.1% to 24.3 million, cargo volume grew 5.8% to 1.88 million tonnes, and air-traffic movements rose 6% to 149,030.

"After a lacklustre first quarter, we saw solid increases in cargo throughput from April to September. Strong and sustained economic growth on the Mainland and in Hong Kong generated demand for aviation services," Airport Authority Chief Executive Officer Stanley Hui announced.

The airport will soon serve more than 50 million passengers a year, with continued steady growth in passenger volumes, Hui claimed, adding that Terminal 2's passenger throughput is on target.

Airport Authority Finance Director, Raymond Lai explained that the authority had translated robust air traffic flows into solid revenue and profit growth through prudent financial discipline.

The authority is investing HK$4.5 billion to expand and enhance the airport's infrastructure and services. Approximately HK$1.5 billion has been earmarked for Terminal 1, while the rest has been allocated for the airfield.


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