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NEWS Last modified on November 24, 2014

Hong Kong's revenue soars in first half of fiscal year

Airport Authority Hong Kong (AAHK) today announced its interim financial results for the six months ending September 30 2014 which included revenue rising 9.3% over the same period last year to HK$8 million (€830 million).

In the first half of the fiscal year 2014/ 2015, Hong Kong International Airport (HKIA) handled 32.1 million passengers, 2.19 million tonnes of cargo and 196,000 aircraft movements, representing year-on-year increases of 5.5%, 7.4% and 4.8% respectively.

Fred Lam, CEO of AAHK, says: “The satisfactory first-half results were due to steady growth in air traffic, prudent financial control over expenses and increasing passenger spending.

“Because air traffic volume at HKIA is growing at a faster-than-expected rate, we have been working on a number of projects, including the West Apron and the Midfield, to ensure that the airport is well equipped to meet its anticipated medium-term demand.”

Announced in 2012, the HK$2.2 billion (€228 million) West Apron development is designed to meet rising demand for aircraft parking spaces due to growing air traffic, continuous fleet expansions by airlines and the introduction of new types of aircraft.

HK3

It is expected to be completed at the end of 2014, on schedule and within budget, and will offer 28 new parking stands, four of them serving new aircraft types such as the A380 and B747-8.

The five-level Midfield Concourse, located west of Terminal 1, is a core part of HKIA’s Midfield Development that will feature 20 new aircraft stands, and is set to be completed by the end of 2015.

William Lo Chi-chung, executive director, finance of AAHK, says: “We are pleased with our satisfactory financial performance for the first six months. The financial position of AAHK is very robust and we are set to take on further major infrastructure investment to meet the growth in demand in the years to come.

“We are mindful of the slowing down of retail sales in Hong Kong and the potential increase in interest rate, which might bring adverse impact to the financial performance for the next six months and beyond.

“The management shall continue to exercise financial discipline in managing the business.”

Hk2

Currently, HKIA handles around 1,100 daily aircraft movements, close to the two-runway system’s maximum capacity of 1,200 per day, and Lam, says: "We expect that the airport could reach saturation as early as 2016 or 2017.

“To maintain HKIA’s leading status as a international and regional aviation centre, as well as the city’s competitiveness, it is crucial that we expand the airport into a three-runway system in order to meet its increasing air traffic demand in the long term.”

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