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Shanghai Airport firm posts profit

Shanghai International Airport Co Ltd, the operator of the city`s two airports, said its profit for the period…

Shanghai International Airport Co Ltd, the operator of the city`s two airports, said its profit for the period ended December 2003 rose 6.29 percent from a year earlier as it recovered from the SARS outbreak to handle more passengers and cargo.

Net income jumped to 643.79 million yuan (US$77.57 million) from 605.68 million yuan in the year-earlier period.

The per-share earnings, however, fell to 0.347 yuan from the year-ago 0.429 yuan as the company added 443 million local-currency A shares to the existing stocks due to the conversion of bonds into stocks and the payment of bonus shares to shareholders for the first half of last year.

Revenue increased to 17.77 billion yuan from 16.68 billion yuan.

The airport firm rebounded from the SARS crisis, which abated in the second half of last year after killing 774 people worldwide, as air carriers, including Air China and China Eastern Airlines, resumed their flights to the pre-SARS level.

The company now operates the Pudong International Airport and Hongqiao Airport.

The situation improved for the airline industry in the second half of last year when people traveled more for tourism or business to make up for their earlier trips that were delayed by the SARS, said Dai Ming, an analyst with Fucheng Securities Co Ltd.

The company handled 22.63 percent more cargo at 1.62 million tons last year while traffic volume crept up 0.17 percent to 24.76 million passengers.

Take-offs and landings at the Pudong and Hongqiao airports rose 8.2 percent to 243,679.

Revenue from Pudong International Airport rose 62 percent to 1.35 billion yuan last year while Hongqiao Airport posted revenue of 426.90 million yuan, down 49 percent from the year-earlier period, said the company.

Hongqiao Airport`s revenue fell as a result of shifting all international flights and part of the domestic flights to Pudong.

For the first half of last year, Shanghai International Airport said its earnings dropped 22.12 percent to 242.76 million yuan as the SARS hit its business.

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Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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