HONG KONG: HKIA records cargo jump in 2010/11 fiscal year

Hong Kong International Airport (HKIA), now the world's busiest cargo airport after overtaking Memphis, experienced significant cargo growth during the 2010-2011 fiscal year, recording 4.2 million tonnes of cargo during the period, a 16.5 per cent year on - year increase. The airport's 2010-2011 total of 316,000 movements is a 12.9 per cent year-over-year increase.

Although the airport's CEO Stanley Hui is confident of continued growth he notes this year has seen slower growth. Indeed in May, airfreight worldwide experienced a four per cent decline in year-on-year traffic while the Asia-Pacific region recorded a year-on-year slide of 9.2 per cent in May, according to the International Air Transport Association (IATA). "In view of the sustained economic expansion of the Mainland and global economies, we believe air traffic will continue to grow, albeit at a slower pace. Earnings growth in the near term is also expected to be tempered by slower traffic growth and the higher base that was created in fiscal 2010/ 2011," Hui said.

This year will see much focus on the debate over HKIA's proposal for a third runway, which was included in the airport's Master Plan 2030. Since its release in early June a whole raft of carriers, forwarders and other aviation related groups have expressed support for an additional runway, which is said to be needed in order for HKIA to stay competitive.

"It is important to recognise that infrastructure such as HKIA plays a critical supporting role for Hong Kong," said Hui. "Aviation, including the airport, underpins the four pillars of the Hong Kong economy: Financial services, trading and logistics, tourism, and producer and professional services. Infrastructure development will provide benefits to Hong Kong for generation after generation. We are firmly committed to ensuring that HKIA continues to be a regional and international aviation centre and that it contributes to the long-term sustainable growth of Hong Kong."