Thursday, June 20, 2024
HKIA profits increase despite cargo volume drop

HKIA profits increase despite cargo volume drop

Hong Kong International Airport (HKIA) has seen profit increase by 15.2 per cent to 8.3 billion Hong Kong dollars ($1 billion) despite cargo volumes falling.

For the 2015/16 financial year, profits rose from HK$7.2 billion and revenue increased by 11.1 per cent from HK$16.3 billion to HK$18.2 billion. HKIA remained the busiest cargo airport in the world despite volumes falling by 1.4 per cent to 4.3 million tonnes, though airmail including Hong Kong Post and transit mail from airlines increased by 13 per cent to 82,000 tonnes.

HKIA’s operator, Airport Authority Hong Kong (AA) chairman, Jack So Chak-kwong says the results emphasises the need for a third runway, saying: “HKIA had a great year in terms of airport development. But in order to meet long-term air traffic demand, HKIA must expand into a 3RS [three runway system].”

“We are grateful for the Executive Council’s approval and will start construction as soon as possible, striving to make sure that the project is completed on time and within budget.”

To increase capacity, the Midfield Concourse was completed this year, adding 20 additional parking positions, while the draft Chek Lap Kok Zoning Plan and authorisation of reclamation under the Foreshore and Seabed (Reclamation) Ordinance were both approved in April 2016.

HKIA welcomed new services from AirAsia Zest, Jetstar Pacific, Scandinavian Airlines, Malindo Air, Etihad Airways and Sky Lease Cargo, and Dusseldorf and Gold Coast were added to the network. Myanmar National Airlines resumed services and Boston returned to the network.

To increase cargo volumes and improve efficiency, AA worked with cargo terminal operators and Carrier Liaison Group and the Customs and Excise Department to implement the electronic Inter-Terminal Transfer system, which reduced standard inter-terminal transhipment times from 10 hours to seven. Nine new freighter stands were also opened on the West apron, bringing the total to 43.


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