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            november 13, 2019

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Changi Airport profit rises 64pc


Singapore's Changi Airport Group (CAG) has released its annual results for financial year 2011/2012 ending March 31, posting a 64.1 per cent year-on-year increase in net profit to S$553 million (US$453 million), drawn on 22.4 per cent growth in revenue to S$1.78 billion led by double-digit rise in income from airport services and concession sales, according to the Shipping Gazette. 
During the period, operating expenses grew 5.9 per cent to S$1.12 billion, due to "higher depreciation and increased manpower costs to support growth and operations," said CAG's media release.
In financial year 2011/12, Changi Airport handled a record 48 million passenger movements, up 12 per cent year on year.
CAG said despite a slowing global economy, the Airport was able to add new routes and increase flight frequencies, resulting in an addition of six new city links and four new airlines.
The airport experienced steady demand for air freight in the Asia Pacific region. During the period, the Airport handled 1.87 million tonnes of cargo, an increase of 2.3 per cent year on year.
As regards the non-aeronautical business, CAG raised concession sales at Changi Airport by 19 per cent to a record S$1.75 billion - outstripping the growth in passenger traffic for the year and placing Changi among the top four airports in the world in terms of annual retail sales turnover.
To ensure sustainable growth, CAG said it will continue to offer "appropriate infrastructure at Changi Airport to cater for the future - such that it can meet growing air travel demand and the changing needs of airlines and air travellers. To achieve these objectives, the group will invest some S$2 billion over the next five years on various infrastructure projects."
Said CEO Lee Seow Hiang: "Planning ahead for our capacity needs is a fundamental part of ensuring Changi Airport's continued growth in the long term, as we aspire to reach greater heights. To this end, we have started the planning process for two major development projects - the development of Terminal 4 and the expansion of Terminal 1 - both of which will expand Changi's handling capacity and widen our range of offerings. These will put us in good stead to cater to longer-term traffic growth and capture greater tourism mindshare, ultimately, to strengthen Singapore's position as a global air hub."

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