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HONG KONG. Strong growth in commercial concessions revenue buoyed Airport Authority Hong Kong’s performance in the six months to 30 September. Retail licences and advertising revenue climbed by +8.7% year-on-year to HK$3.33 billion (US$429 million). That was the major contributor to a +9.3% surge in overall revenue in the half, to HK$8 billion (US$1 billion).
In the first half of fiscal 2014/ 2015, Hong Kong International Airport (HKIA) handled a total of 32.1 million passengers, representing an increase of +5.5%.
Airport Authority CEO Fred Lam said: “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.”
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The HK$2.2 billion West Apron development is expected to be completed at the end of 2014, on schedule and within budget. It will offer 28 new parking stands, four of them serving new aircraft types with longer fuselages 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. The concourse will be equipped with 20 new aircraft parking stands. Begun in 2011, the construction is expected to be completed by the end of 2015.
The airport’s Executive Director, Finance William Lo Chi-chung said: “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.”
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Several boutique openings in July, including this 5,000sq ft duplex store from Chanel, extended the airport’s luxury offer |
