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Macau Airport records first ever profit in 18 years, at MOP67 million
The Macau Airport Company (CAM) recorded the first profit in its 18-year history, as during the last financial year it earned MOP66.89 million net out of a total revenue of MOP769 million. The profit came after the heavily indebted operator of the Macau International Aiport raised MOP1.95 billion last year to repay its loans.
“Through strict expenditure control and professional management, CAM recorded its first-ever profit,” said Lo Keng Chio, President of the General Assembly of CAM, who disclosed the news in a press conference after CAM’s annual General Assembly and Board Meeting last Friday.
“In support of the shareholders, CAM issued redeemable preference shares with a total nominal value of MOP1.947 billion to fully repay the historic bank loans of more than a decade ago. After reducing the company’s financial burden, CAM’s income reached MOP769 million in 2012, up 17 percent compared to 2011. Through our professional management and cost control policy, CAM also recorded a net profit of MOP66.89 million for the first time. With all our aviation partners working together, the main operators of MIA have an overall revenue of approximately MOP3.59 billion, increased by 17.3 percent in comparison to last year.”
Last May, CAM announced its decision to raise MOP1.947 billion by issuing redeemable preference shares to its shareholders in order to repay bank loans. As the major shareholder of CAM, the government, or the public, has taken on the biggest burden by subscribing to 66.97 of the shares. After the issuance, the company successfully turned its bottom line from red to blue by shaking of the heavy debt burden.
In its activity report, CAM said in 2012, Macau International Airport introduced five new airlines and added five new destinations including Changsha, Taichung, Chiang Mai, Danang and Busan, with a total of 21 airlines operating at the airport connecting our passengers to 32 destinations around the world by the end of 2012.
The airport handled 4.49 million passengers and 41,997 aircraft movements increased by 11 percent and 8 percent respectively compared to 2011. General aviation exceeded the forecast target and reached 111.49 percent with 1,659 aircraft movements; cargo traffic reached 92.65 percent of the forecast target with a record of 27,794 tons.
As for the development plan for 2013, CAM said in the coming year it aims to achieve new targets of 44,000 flight movements; 28,200 tons of cargo; 4.7 million passengers; and 1,791 general aviation aircraft movements, with a total final revenue of MOP798 million.
The airport has behaved well in the first quarter of 2013; it handled 1.1 million passengers and 374 general aviation aircrafts, representing an increase of 15 percent and 14 percent respectively. With the growing demand for general aviation, the airport will expand the market after its business aviation contract expires. After open tender, a design of the new business jet hangar was submitted for approval before commencing construction. The Express Link is expected to be operational between the airport and Gongbei port in the second quarter, in addition to the Henqin port, which was launched last year.
In coordination with the SAR Government’s plans to build Macau into a world tourism and leisure center, the airport has been exploring potential markets. Air Macau opened a new route to Wenzhou in February and will launch another new route between Macau and Jinjiang, China on April 2, while increasing to three daily flights between Macau and Beijing. Jin Air is planning to increase to five weekly flights between Macau and Seoul, Korea in the second half year.
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