Hong Kong international Airport(HKIA) posted a net profit of HK$6.5 billion ($839 million) for its 2013/14 fiscal year ended 31 March.
The net profit was up 14.9% from a year earlier, setting a new record, says the Hong Kong Airport Authority in a statement.
Revenues rose 12.8% to HK$14.8 billion.
The Airport Authority attributed the strong results to increased traffic, higher retail concessions, and cost control measures.
For the year, the airport saw passenger volume of 60.7 million and aircraft movements of 377,476. Cargo also improved: rising 3.2% to 4.3 million tonnes.
"Air traffic at HKIA is growing much faster than the projections made in HKIA Master Plan 2030,” says Stanley Hui Hon-chung, Chief Executive Officer of the Airport Authority.
“We expect that the global economic recovery and robust regional growth will continue to drive traffic demand at a moderate rate. As a result, the two-runway system at HKIA will likely reach its capacity in a few years’ time. To increase ground handling capacity for the immediate and medium terms, we have been pushing ahead with our Midfield development and west apron expansion projects. An investment of more than HK$12 billion, these two projects will add a total of 48 parking stands and allow HKIA to serve an additional 10 million passengers a year.”
In addition, the Airport Authority reaffirmed its commitment to a third runway, and said the environmental assessment into the proposal wil be made public on 19 July.
"Developing the 3RS as soon as practicable is essential not only for the sustainable development of HKIA, but also the continuous growth, prosperity and long-term competitiveness of Hong Kong,” says Hui.
“We hope that the EIA process can be completed in 2014, after which we will proceed to seek the other required Government, statutory and Legislative Council approvals. Our aim is to start construction in 2016 and for the 3RS to become operational in 2023."