Hong Kong Airport Authority's net profit up by 265%
07.07.05
Airport Authority Hong Kong (AA), the operator of the Island's international airport at Chek Lap Kok, has proposed to pay HK$1bn ($128m) in dividends to the government after its annual profits nearly tripled.
The airport operator recorded a net profit increase of 265% to a record HK$1.41bn ($181m) for the year ended March, up from HK$386m ($49m) a year earlier, on record passenger numbers. This was also the Authority's fifth consecutive year of profit.
The proposed dividends, although 163 percent higher than in the previous fiscal year, was only 71 percent of its earnings, down from 98 percent a year earlier. AA Chief executive David Pang said the authority wants to keep more cash as its business is now entering a high growth stage to compete with other airports.
The year saw a record, up 29% over the previous year. Return on net assets reached 4%, a significant improvement from last year's 1%, up to a level that is close to similar infrastructure companies in Hong Kong.
