Hong Kong airport's profits take off with 52.3% surge to HK$2.45 billion
Operator the Airport Authority of Hong Kong on Wednesday also reported a 20% growth in revenue to HK$16.4 billion and a first dividend payment since 2014-15, when it started retaining operating surpluses to finance the three-runway system project, but acknowledged uncertainties remain amid geopolitical tensions.
For the financial year ending March 31, the airport handled 54.9 million passengers and 373,050 flight movements, representing year-on-year increases of 21.6% and 20.5% respectively.
But passenger numbers were still 73% of the 2018-19 levels, while aircraft movements were at 87%.
Despite this, the airport maintained its position as the world's busiest cargo airport for the 14th time since 2010. Its cargo throughput climbed by 10.3% to 5 million tonnes, buoyed by robust e-commerce demand.
The airport's network continues to expand, with 27 airlines launching new routes or increasing services to 56 destinations. By the end of the financial year, about 140 airlines were operating at HKIA, connecting to more than 200 destinations worldwide.
Despite the strong business growth, Vivian Cheung Kar-fay, the authority's CEO, acknowledged further efforts were required to achieve a full pre-pandemic recovery amid global challenges.
"Despite this progress, considerable work is required to fully restore passenger volumes to pre-pandemic levels, given the uncertainties in the global economic environment," she said.
She highlighted that the newly launched three-runway system, which boosts the airport's annual capacity by 50 per cent, will allow for more flight movements during busy morning hours, especially during peak seasons.
As an example, she cited the route to Japan during the Chinese New Year holidays, which saw 75 return flights in a single day.
Fred Lam Tin-fuk, the authority's chairman, said the airport's HK$7-billion Skytopia project, a key component of the broader Airport City plan, had received positive market response.
"I am glad that our achievements and vision for the future enjoy increasing support from different sectors of the community," he said. "Though we are facing global economic uncertainties, we are confident in the future of Hong Kong's aviation industry and the Airport City development."
Unveiled earlier this year, Skytopia is set to feature an arts hub, a 600-berth yacht marina, and a "jet fresh market" designed to rival Tokyo's renowned Tsukiji Fish Market. The development also includes Skycity, which will host a hotel, offices, and commercial activities.
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