Hainan Airport Infrastructure (600515) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was RMB 3.09 billion, down 31.84% year-over-year, mainly due to a sharp decline in real estate business income and lower airport business revenue.

• Net profit attributable to shareholders for the period was RMB 212.86 million, a 73.05% decrease year-over-year, with Q3 alone showing a net loss of RMB 76.63 million.

• Core airport operations saw declines in aircraft movements, passenger throughput, and cargo volume, impacted by maintenance and expansion projects.

Financial highlights

• Operating income for the first nine months was RMB 3.09 billion, down from RMB 4.54 billion in the same period last year.

• Net profit attributable to shareholders was RMB 212.86 million, down from RMB 789.80 million year-over-year.

• Basic and diluted EPS for the period were RMB 0.0187, a 72.94% decrease year-over-year.

• Operating cash flow was negative RMB 1.14 billion, compared to a positive RMB 343 million in the prior year.

Outlook and guidance

• The company expects the addition of 11 new aircraft stands at Sanya Phoenix International Airport in December 2024 to enhance capacity and support operational recovery for 2025.