Airport Authority Hong Kong, operator of Asia's third-busiest airfield, reported a 14-percent increase in first-half profit as China's economic growth fueled passenger and cargo traffic.
Net income rose to HK$1.14 billion (US$147 million) in the six months ended September 30 from HK$993 million a year earlier, the government-owned airport operator said in a statement yesterday. Sales climbed 10 percent to HK$4.2 billion.
The airport handled 7.1 percent more passengers in the period, as it opened a second terminal and China's growth rate of at least 11 percent boosted demand. Asia-Pacific airline passenger traffic will probably grow an average of 5.8 percent a year until 2025, according to Airports Council International.
"Strong and sustained economic growth on the mainland and in Hong Kong generated demand for aviation services," Chief Executive Officer Stanley Hui said in the statement.
About 24.3 million passengers used the airport in the period. Cargo volume rose 5.8 percent to 1.9 million tons.
Airport Authority plans to spend HK$4.5 billion by 2010 to add parking stands and other facilities. The new passenger terminal opened in June and a new cargo terminal is due to begin operations by 2011, Bloomberg News said.
The airport operator is examining ways of boosting the capacity of its existing two runways and the possibility of adding a third, Hui said on June 27.
Airport Authority has a 35-percent stake in Hangzhou Xiaoshan International Airport Co and began a 20-year management contract in October 2006 to run southern China's Zhuhai airport.