Seoul Incheon International Airport forecasts 38% increase in borrowings in 2017

Seoul Incheon International Airport reported (28-Mar-2017) its financial debt is "continuously increasing" to expand and upgrade the airport, as it faces growing competition with neighbouring hubs such as Hong Kong and Singapore. The airport's borrowing is currently estimated at KRW1.95 trillion (USD1.7 billion), but anticipates this will increase 39% to KRW2.7 trillion (USD2.4 billion) by the end of 2017. Ongoing developments requiring investment include T2 expansion, implementing smart airport technologies, improving duty free offerings and strengthening and diversifying revenue streams through overseas airport investments and operation. Airport president Chung Il-young stated once the T2 project is completed, the airport will be able to stabilise its finance "through low-interest borrowing, debt reduction, and diversification of revenue sources". [More - Original PR - Korean]