Changi Reports July Traffic; FY10/11 Results

Singapore Changi Airport marked its 30th anniversary in July 2011 by handling a record 4.17 million passenger movements during the month, an increase of 13.6% compared to July 2010.

This surpasses the previous monthly high of 4.06 million passenger movements in December 2010. Year-to-date, passenger movements grew 11.2% to 26.6 million.

July 2011 was also Changi’s busiest month ever in terms of aircraft movements, which increased 14.7% on-year to 25,908 flights. Low cost carriers (LCCs) led the growth with an increase of 27.8% while full service carriers (FSCs) grew 10.1%. In terms of passengers carried, LCCs and FSCs grew by 28.5% and 9.3% respectively.

Passenger traffic growth was strongest for Eastern Europe, North East Asia and South East Asia, which each registered double-digit increases. Traffic between Singapore and Tokyo (3.1%) and all of Japan (7.8%) improved on-year for the first time since the earthquake and tsunami in March this year.

During the month, Changi Airport welcomed Batavia Air’s new thrice-weekly service to Bandung – the capital of Indonesia’s West Java province. As at 1 August 2011, Changi Airport serves 100 airlines operating more than 5,800 weekly flights to some 200 cities in 60 countries and territories.

On the cargo front, 160,000 tonnes were moved in July 2011, representing a growth of 1.2% over the same period last year. For the first seven months of the year, 1.07 million tonnes were handled, an increase of 3%.

New Outlets

Indian specialist scarf supplier Pashma has opened its third outlet in Changi Airport. Pashma’s newest outlet is located in Terminal 1’s Departure Transit Hall.

Visitors to Terminal 3 now also have more shopping options with a slew of new shop openings. Australian fashion brand Cotton On and video company Poh Kim Video have opened new stores at T3’s Basement 2 while Durian Mpire has launched an outlet at T3’s Departure Hall.

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).

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.

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