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Changi Airport Group results for the year ended 31 March 2011

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  • Changi Airport Group results for the year ended 31 March 2011

    SINGAPORE – Changi Airport Group (Singapore) Pte Ltd today announced its results for the financial year ended 31 March 2011 (FY10/11).

    For FY10/11, Changi Airport Group reported earnings before interest, tax, depreciation and amortisation (EBITDA) of S$617 million and profit after taxation of S$337 million, representing an improvement of 14.2% and 11.3% respectively over the preceding financial year (on an annualised basis).

    The strong economic rebound in Singapore and the region during FY10/11, along with successful retail campaigns, concerted efforts to market the Changi air hub and better procurement management contributed to the Group’s improved financial performance.

    Revenue rose to $1.45 billion, an increase of $173 million (or 13.5%) compared to the preceding financial year (on an annualised basis). The growth in revenue was underpinned by robust traffic growth of 11.3% to 43 million passenger movements during the year. In particular, North East Asia and South East Asia traffic increased by more than 15%. Visitor arrivals to Singapore were also boosted with the opening of two integrated resorts.

    The expansion of low cost carriers (LCCs) was a key driver of passenger growth at Changi. Passenger traffic on LCCs grew 26.6%, while full service carriers (FSCs) registered a growth of 7.4% year-on-year. FSCs continued to contribute the bulk of passenger traffic, accounting for 77% of the total at Changi.

    Aircraft movements at Changi Airport improved by 10.5% to 271,286 in FY10/11. FSCs contributed 61% of the increase and accounted for 73% of all aircraft movements at Changi during the year. During the year, Changi welcomed seven new airlines and established connections to 11 new cities, bringing the total number of city links from Changi to more than 200.

    Increased passenger spending as a result of higher passenger traffic and improved customer sentiment contributed to strong sales growth at Changi Airport’s concessionaires which in turn resulted in higher concession revenue. Stepped-up marketing and promotion efforts, such as the inaugural ‘Be A Changi Millionaire’ Draw, and expanded retail space and new brands at Terminal 1, which enhanced the airport’s retail mix, were contributory factors to a better top line performance. The Group’s balance sheet remains strong with shareholder’s equity of S$3.84 billion as at 31 March 2011.

    Mr Lee Seow Hiang, CEO of Changi Airport Group (CAG), said, “CAG performed well in FY10/11. Riding on the strong recovery of the Singapore and regional economies, we continued to grow the Changi Airport business. Consequently, we achieved a strong set of results and attained a number of significant milestones and achievements.

    “Changi Airport registered a record 43 million passengers during the financial year and we also achieved record concession sales of more than US$1 billion. At the same time, we invested in continuing improvements to the Changi Experience for our customers through technological innovations and customer service initiatives. We are most gratified with the 24 awards and accolades Changi received during the year.

    “These results would not have been possible without the support of our passengers and airlines at Changi Airport and the contributions of our airport partners. We thank them for enabling us to continue to grow the Changi air hub.

    “The aviation sector is vulnerable to external factors and the industry outlook remains volatile given the uncertainty facing many of the world’s major economies. We expect passenger traffic growth to moderate in the current financial year.”

    http://www.just4airlines.com/j4_dox/...story_id=52809
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