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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hong Kong airport chief says traffic drop slowing By MIN LEE,Associated Press Writer AP - Sunday, August 16 HONG KONG - The chief executive of Hong Kong's international airport said Sunday its recent decline in traffic amid the global economic downturn is slowing, days after the government reported economic growth for the first time in a year. ADVERTISEMENT The Airport Authority Hong Kong said in a statement it handled 4 million passenger trips in July _ a 9.5 percent drop from the same month a year ago _ and 321,000 tons (291,000 metric tons) of cargo, an 8.3 percent decline. But those declines are lower than the double-digit drops in June, when the airport recorded 12.7 percent fewer passenger trips at 3.6 million and 17.6 percent less cargo at 285,000 tons (259,000 metric tons). The decline in cargo traffic in July also marked the first time the figure narrowed to single digits since October 2008. "The latest figures indicate that the downward momentum may have slowed," Airport Authority Chief Executive Stanley Hui said in the statement, but cautioned "it will take some time before overall traffic performance returns to pre-crisis levels." "The business climate is still challenging as economic activities remain low and this, coupled with the difficult operating environment for the aviation industry, would continue to affect the pace of recovery," Hui said. For the first seven months of 2009, the passenger traffic at the Hong Kong airport plunged 8.4 percent to 26.4 million from a year ago and cargo traffic plummeted 18.1 percent to 1.9 million tons (1.8 million metric tons). Hui also attributed the recovery to reduced anxiety among travelers about the swine flu epidemic. Despite the global economic downturn, the Hong Kong airport reported a profit of 2.6 billion Hong Kong dollars ($335 million) for the fiscal year that ended March 31 thanks to increased revenue from retail outlets and a HK$193 million ($25 million) profit from its 35 percent stake in the international airport in the eastern Chinese city Hangzhou. The Airport Authority's announcement came after the Hong Kong government said Friday the southern Chinese territory's economy, hit by free-falling world demand for exports for four-straight quarters, grew by 3.3 percent in the second quarter on a seasonally adjusted quarter-to-quarter basis. The economy contracted 4.3 percent in the first quarter. Higher demand for Hong Kong's exports, particularly from mainland China, where massive stimulus spending and relaxed monetary policy is driving growth, contributed to the recovery. Exports dropped 12.4 percent in the second quarter compared to the same period last year, the government said. That was tamer than the nearly 23 percent drop-off in the first quarter. Email Story IM Story Printable View Blog This Sign in to recommend this article » 1 user recommend Related Articles: Business CORRECTED-UPDATE 1-Dubai Holding revamps to cope with crisisReuters - 1 hour 10 minutes ago UBS to name 5,000 accounts under U.S. deal: paperReuters - 1 hour 24 minutes ago BAT to name Richard Burrows as chairman - reportReuters - 1 hour 46 minutes ago Porsche, VW might merge before 2011: reportReuters - 1 hour 56 minutes ago TEXT-Elron agrees on initial price for NetVision stakeReuters - 2 hours 22 minutes ago Most Popular – Business Viewed Don't brush with baldness: put down that comb In death, as in life, Jackson surrounded by wackiness Millions of salmon fail to turn up in Canada Singer George Michael arrested after car crash Hundreds mourn Kennedy sister at funeral View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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