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HK Airport Authority H1 net profit up 13.2 pct on-yr on passenger volume growth

Hong Kong (XFNews-ASIA) - The Airport Authority of Hong Kong said its net profit for the first half to September rose 13.2 pct to 993 mln hkd from 877 mln a year earlier on increased activity at the airport.

Turnover stood at 3.8 bln hkd, up 9.2 pct year-on-year as passenger volume grew 9.2 pct to 22.7 mln in the period and cargo throughput increased 3.5 pct to 1.8 mln tons, the authority said in a statement.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 9.6 pct to 2.39 bln hkd. Operating expenses in the period reached 1.4 bln hkd, up 8.5 pct year-on-year.

Airport Authority Chief Executive Officer David Pang said he expects the agency to incur "increased operating expenses" in the second half to March 2007 with the opening of the Terminal 2 SkyPlaza early next year.