Special Announcement

Airport Authority Reports Strong 2011/2012 Interim Results

(HONG KONG, 28 November 2011) – Airport Authority Hong Kong (AAHK) today announced the unaudited interim financial results for the six months ended 30 September 2011. Revenue and profit attributable to equity shareholder increased 15% and 24% respectively from the same period last year, to HK$5,921 million and HK$2,432 million.

Fuelled by the high and sustained economic growth on the Mainland, which has benefitted Hong Kong economy as well, passenger throughput and aircraft movements at Hong Kong International Airport (HKIA) continued to grow steadily during the period under review. A total of 27.6 million passengers and 168,160 aircraft movements were recorded in the first half of fiscal 2011/2012, up 6% and 9% respectively from a year earlier.

Cargo volume, however, declined 7% to about two million tonnes in the same period due to soft market demand and a volatile global economy.

Commenting on the results, AAHK Chief Executive Officer Stanley Hui Hon-chung said, "Strong passenger traffic and aircraft movements at HKIA led to increased turnover from airport charges, and increasing spending power of passengers boosted retail revenues significantly, by 28% over the same period last year."

Mr Hui said he remains confident that air traffic will continue to grow over the second half of the fiscal year, though at a slower pace. He also cautioned that the intensifying European debt problem and growing uncertainties in the global economy could further impact foreign trade between the Mainland and the rest of the world, exerting greater pressure on air cargo performance.

Mr Hui said, "Although some economists believe that an economic recession appears probable in the near term, we are optimistic about the long-term prospects of HKIA as Hong Kong further integrates with the Mainland, which is the powerhouse of global economic growth.

"To meet anticipated growth demand in the medium term and maintain a reliable, safe and quality service, we began Phase 1 of the midfield development in the third quarter of 2011. We have also embarked on a three-year, HK$496 million rejuvenation programme to overhaul several of the existing airport utilities, such as airfield ground lighting, loading bridges and the baggage handling system."

William Lo, Executive Director, Finance, AAHK, added, "Over the past years, AAHK has set a good track record of maintaining prudent financial discipline in managing HKIA. We continue to invest in airport facilities to meet increase in demand and enhance service standards. Containing operating costs will remain one of our highest priorities given the high inflation environment in Hong Kong."

During the period under review, AAHK completed a three-month consultation for the Hong Kong International Airport Master Plan 2030 to solicit views of the general public and stakeholders on the long-term growth direction of HKIA. AAHK will make its recommendations on the preferred development direction to the Government by the end of the year.

Six new airlines, namely Mega Maldives, Air Busan, Mongolian Airlines, Tianjin Airlines, Airphil Express and Nordic Global Airlines, began operations at the airport between April and September this year, while Male and Ulan Bator were added as new destinations during the period. With these new additions, there are more than 100 airlines operating over 900 flights a day to approximately 160 destinations worldwide from HKIA.

Meanwhile, the number of passengers using the airport's cross-boundary ferry services at SkyPier, which covers eight ferry ports in the Pearl River Delta, experienced a year-on-year growth of 7% to about 1.2 million. A new record on single month passenger flow was reached in August when SkyPier received 250,000 - just one month after setting the previous single-month record in July 2011.

In addition, 945,000 passengers used the Mainland coach and limousine service at HKIA during the period, up 11% from a year earlier.

HKIA also continued to place significant emphasis on people as one of the airport's major assets. As a result of continued expansion of activities at HKIA, which have created more job opportunities, the HKIA community including the home-base airlines held a three-day career expo offering over 6,000 openings across a wide variety of job types in August. The job expo met with great enthusiasm and response from the community.

The 2011/2012 interim financial results were reviewed by an independent auditor and approved by the Board of the Airport Authority.

Six months ended 30 September  FY2011/12  FY2010/11 ± %*
Financial Highlights (HK$ million)
Revenue 5,921  5,142 15
Operating expenses before depreciation and amortisation 1,898  1,675 13
Operating profit before depreciation and amortisation 4,023  3,467 16
Profit before taxation 2,928  2,354 24
Profit attributable to equity shareholder 2,432  1,961 24
Operational Highlights 
Passenger volume (million) * 27.6**  26.0 6
Cargo volume (million tonnes) * 2.0**  2.1 -7
Aircraft movements 168,160**  154,795 9

* Subject to rounding differences
** Provisional figures

To view the AAHK's Interim Report, please go to: http://www.hongkongairport.com/eng/pdf/media/publication/report/interim/2011.pdf



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