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Hong Kong Airport Authority Revenue Up 7.9%

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

03 December 2008


The Hong Kong Airport Authority's revenue and profit attributable to equity shareholders was recorded at HKD4.53bn (USD584m) and HKD1.36bn in the six months ending September 30 – up 7.9% and 19.5% on the same period last year.

Traffic at Hong Kong International Airport saw moderate year-on-year growth for the first half of the fiscal year. Total passenger throughput rose 0.7% to 24.6 million, cargo volume grew 0.7% to 1.89 million tonnes, and air traffic movements rose 1.7% to 151,500.

The authority's chief executive officer, Stanley Hui, said the airport registered strong growth in traffic volume in the first four months of the period under review but the growth trend reversed in August when the global financial crisis started, so a good part of the interim results do not reflect the impact of the recent global economic downturn.

"The economic turmoil is taking a heavy toll across a range of sectors, including the aviation industry. Business and leisure travel, particularly the premium markets, continue to shrink. As the current economic environment is unlikely to improve soon, we expect traffic volumes at the airport to decline further", Hui commented.

Raymond Lai, executive director in finance and investment, added that the authority is working to control expenditure and increase cost effectiveness, stating:

"We hold a conservative outlook for full-year performance as we expect a continued decline in air traffic, which will inevitably affect our financial performance for the second half of 2008-09 and well into the next financial year."

He added that the authority is committed to completing improvement and growth projects, including the HKD4.5bn terminal and airfield enhancement programme.


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