Changi Airport Group reverses losses to achieve net profit of $33m for FY2023

Changi Airport Group (CAG) posted a net profit of S$33m for the financial year ended March 31, 2023 – reversing its $838 million loss in the previous financial year – on the back of a recovering aviation industry after borders reopened. Overall, revenue for the group doubled to $1.9b, compared with $900m in the previous financial year, it announced in a media statement on Thursday. The number of passengers that passed through Changi Airport rose steadily to reach 82 per cent of pre-Covid-19 levels in March 2023. For the whole of FY2023, passenger movements rose to 42.6m – an increase of eight times compared with the previous financial year – and are at 62% of pre-Covid-19 levels. Air traffic movements doubled from the previous year to 257,000, or 67% of pre-Covid-19 levels. This supported the partial recovery in revenues from airport services and airport concessions. At Jewel, footfall more than doubled, and the mall was close to approaching full occupancy.<br/>