Phuket was one of the few airports in Asia-Pacific and the Middle East that recorded substantial growth in passenger traffic in April, according to Airports Council International (ACI).
Thailand’s third-busiest airport saw its April passenger volume rise by 21.7% year-on-year.
According to AOT’s airport statistics, Phuket airport showed the strongest growth among airports under AOT management. Phuket handled 1.13m passenger throughput in May16 (+21% YoY), consisting of 51% in international (+17.5% YoY) and 49% of domestic traffic (+24.9% YoY) that indicates growth for 21 consecutive months.
Phuket’s passenger traffic contributed 12% of AOT’s passenger traffic.
Utilisation rate for Phuket airport was 208% in May16 (vs 172% in May15).
As the airport faced congestion, the new passenger terminal at the Phuket airport is expected to be completed with full-scale operation in Sep16. Passenger traffic at Phuket airport is expected to grow further in Jun16 at 6% YoY.
“We think this should support AOT’s revenue and earnings growth in 3QFY16 (Apr-Jun16). We have a BUY on AOT with DCF-based TP of THB430”, writes Maybank Kim Eng in a daily research report.