News
Changi Airport reports US$319 million annual profit
June 10th 2024
Changi Airport Group (CAG) announced a net profit of S$431 million (US$319 million) for the 12 months to March 31, more than 10 times the net profit of S$33 million in its previous fiscal year. Read More » Revenue increased 45%, to S$2.7 billon, the operator of Singapore Changi Airport said in a regulatory filing. CAG said passenger traffic had recovered to pre-COVID-19 numbers in the final quarter of the financial year. “The recovery of travel boosted our top line but we continued to exercise prudence with our operating expenses. This has translated into an improved financial performance,” CAG CEO, Lee Seow Hiang, said. “While the outlook for aviation is promising and travel demand is on an upward trend, we are cognisant the industry operates in a highly volatile and fast-changing environment. To stay ahead, Changi Airport will continue to invest to keep its fundamentals strong and to remain attractive as an air hub. This includes developing Terminal 5, which will begin construction in 2025.”
