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Airport Authority Records Strong Interim Results for Fiscal 2012/2013

(HONG KONG, 26 November 2012) – Airport Authority Hong Kong (AAHK) today announced the unaudited interim financial results for the six months ended 30 September 2012. Revenue and profit attributable to equity shareholder rose 8.0% and 13.1% respectively over the same period in 2011 to HK$ 6,395 million and HK$ 2,751 million.

All traffic volumes at Hong Kong International Airport (HKIA) reported growth in the first half of fiscal 2012/2013. The airport handled 28.7 million passengers, two million tonnes of cargo and 176,000 aircraft movements, representing year-on-year growth of 3.8%, 2.1% and 4.6% respectively.

Commenting on the financial performance, Stanley Hui Hon-chung, Chief Executive Officer of AAHK, said, "The rise in revenue and profit was attributed to the growth of passenger traffic and aircraft movements. Also, the retail licences and advertising revenue saw a 9.8% increase over the same period last year, further contributing to overall growth.

"While all three categories saw growth during the period, it is especially worth noting that cargo throughput rebounded despite the persistently challenging economic situations in Europe and the US. We expect there will continue to be moderate growth in both passenger and air traffic movements, and we are cautiously optimistic about cargo throughput for the rest of the fiscal year. To meet growth needs and maintain high quality service, construction of the Midfield Concourse and new parking stands as well as refurbishment of existing facilities are well underway," added Mr Hui.

William Lo Chi-chung, Executive Director, Finance, AAHK, said, "We are pleased with the financial performance for the first six months. However, the 2012/2013 full-year performance might be affected by increases in expenditure to refurbish existing facilities and develop growth plans in order to sustain service levels and increase handling capacity. Slower growth in retail revenue, a trend that has started to emerge in recent months, is also likely to have an impact on this year's performance. We will continue to exercise prudent financial discipline during the remainder of the year in view of the challenging operating environment."

In the first six months of this fiscal year, the number of passengers using the airport's cross-boundary ferry service at SkyPier, which covers eight ferry ports in the Pearl River Delta, experienced year-on-year growth of 9% to approximately 1.4 million. SkyPier set a new record for single-month passenger flow of 266,000 passengers in August; just one month after the previous single-month record was set. Approximately 987,000 passengers used the mainland coach and limousine service at HKIA during the period under review, up 4% from a year earlier.

In the first half of 2012/2013 AAHK welcomed the issuance of the Study Brief for the Environmental Impact Assessment (EIA) to expand HKIA into a three-runway system. AAHK has since embarked upon the EIA process, which is expected to take two years to complete, and has pledged to carry out the work in a highly professional, transparent and thorough manner. The airport has also committed to walking the extra mile by assessing future carbon emissions.

HKIA continued to be recognised for its operational efficiency and service excellence and was named the world's "Best Airport" at the TTG Travel Awards and the "Best Airport in China" by Business Traveller Magazine. The airport community has pledged to keep reviewing service standards to further enhance its industry-leading service levels in the face of increasing traffic demand.

AAHK was also awarded the Platinum Award in the Public Sector/Not-for-profit Category at the 2012 Best Corporate Governance Disclosure Awards, organised by the Hong Kong Institute of Certified Public Accountants, in recognition of achieving the highest corporate governance standards in this category.

The 2012/2013 interim financial results were reviewed by an independent auditor and approved by the Board of the Airport Authority. 

Six months ended 30 September FY2012/13 FY2011/12 ± %*
Financial Highlights (HK$ million)
Revenue 6,395 5,921 8.0
Operating expenses before depreciation and amortisation 1,986 1,898 4.6
Operating profit before depreciation and amortisation 4,409 4,023 9.6
Profit before taxation 3,309 2,928 13.0
Profit attributable to equity shareholder 2,751 2,432 13.1
Operational Highlights
Passenger volume (million) * 28.7** 27.6 3.8
Cargo volume (million tonnes) * 2.0** 1.96 2.1
Aircraft movements 175,909** 168,202 4.6

* 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/2012.pdf

Media Enquiry Hotline:+852 2188 7152
Contact Email : media@hkairport.com
Airport Authority Website : http://www.hongkongairport.com
Customer Enquiry Hotline:+852 2181 8888
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