The operating company that runs Singapore Changi Airport says it earned a $278 million profit in the fiscal year ending in March, helped by a 13 percent gain in revenue that was pumped up by a growing air freight market.
The profit was 11.2 percent better than the previous year’s profit on an annualized basis, Changi Airport group said.
Freight tonnage at the airport grew 7.4 percent during the fiscal year, one reason Changi Group’s operating revenue jumped to just over $1.2 billion.
The air cargo recovery has lagged more recently, and Changi said cargo tonnage grew 1.2 percent in July over the same month a year ago.
That left tonnage through the first seven months of 2011 up 3 percent over the same period last year.