The Shanghai International Airport said its net profit tumbled 49% year on year to $126 million in 2008, but this was mainly due to the huge cost of adding a new terminal and runway.
Its operating revenue rose 7% to $500 million in 2008 and operating profits went down 45% to $52 million last year, according to the company’s filing with the Shanghai Stock Exchange.
The airport operator spent as much as $1.32 billion on Terminal 2 and the third runway, which is seen as the main reason for the significant fall in 2008, according to the report.