Guangzhou Airport gains from FedEx presence, but underlying recovery some way off

Guangzhou Baiyun International Airport Co Ltd, the operator of Guangzhou Baiyun International Airport, reported continued softness in passenger and freight demand last month. The airport handled 2.9 million passengers and 24,500 flights, up 1.5% and 2%, respectively. Freight volumes surged 17.6% year-on-year to 77,000 tonnes, but this was entirely due to the opening of FedEx's intra-Asian hub at the airport in Feb-2009. Stripping out FedEx's mail volumes, cargo volumes at the airport fell 11.9% in both Mar-2009 and Apr-2009.