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Meilan Airport Duty Free to expand as Hainan Tourism booms
Author:  Source:DFNI August   

HNA Infrastructure Company Limited, formerly Hainan Meilan International Airport Company Limited, has announced revenue growth of $93.75m (RMB571.6m) for the first half of this year, a 25.08% step up compared to last year¡¯s $74.04m (RMB457.06m) for H1.

HNA Infrastructure Company Limited figures also demonstrated a more evenly-split revenue stream between its aeronautical and non-aeronautical channels.

For H1 of this year, 53.47% and 46.52% of revenue came from aeronautical and non-aeronautical businesses respectively, but last year aeronautical operations pulled in 58.06%. Non-auronautical revenue figures sill climbed from $31.05m (RMB191.67m) in H1 last year to $43.62m (RMB265.99m) this year and further growth is planned.

The company¡¯s Meilan Airport Offshore Dut Free shop will expand by 2,644sq m later this year. Since it opened in June last year, HNA Infrastructure says its duty-free online-shop mianshui365.com (launched with E King Technology Ltd) has announced a record single-day turnover of $533,000 (RMB3.25m), and month sales increases of over 80%. Meanwhile, sales at the Meilan Airport have grown around 47% annually, with a total turnover since it the shop began operations of $328m (RMB2bn).

The news comes as China¡¯s stock indexes dropped on Monday to their lowest levels since the end of 2009.

Chinese stock indexes fell more than 7% yesterday following on the heels of so-called ¡°Black Monday¡¯s¡± 8% plunge. That, plus the government¡¯s surprise devaluation of the yuan (if you were to value HNA 2015 H1 profits today instead of June, they would stand nearer to $89m), economists have been left divided about the long-term outlook for Chinese and global markets.

But unlike the mainland¡¯s slowing economy, Hainan¡¯s booming tourism industry has so far avoided shifting down a gear.

Twenty-five million foreign and domestic tourists spent at least one night on China¡¯s ¡°pearl island¡± between January and June ¨C an 11.16% increase on last year¡¯s H1. Revenue in the special economic zone¡¯s tourism industry enjoyed a year-on-year increase of 13.7%, according to HNA Infrastructure.

HNA Infrastructure said net profit for shareholders was also up 39.39%. Stocks in June were up to an all-time-high of $11.26, but have since fallen to around $7.3 ¨C much closer to last year¡¯s prices.

HNA Infrastructure benefited this year from increased passenger numbers. The company says it processed 7.2m passengers through its services in H1 2014 ¨C and that¡¯s up to 8.45m this year.

The company¡¯s non-aeronautical activities include the leasing of commercial and retail spaces at the Hainan Meilan airport, consumable goods sales, business franchising, car parking and handling cargo. China¡¯s civil aviation industry profits are reported to have gone up during this year¡¯s H1 to $4.30bn (RMB29.24bn): total profit for the whole of 2014 was $4.68bn (RMB28.89bn).

HNA Infrastructure plans to take advantage of government incentives for tourism and duty-free retail in Hainan, including bonded oil and incentives for airliners. But it says it will also pin some of its hopes on government plans to boost foreign-tourist numbers, as the vast majority of Hainan¡¯s visitors continue to come from mainland China.

Source: DFNI August


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