Image Credit: Airport World
Taoyuan International Airport, which experienced a dramatic NT$11.3 billion (US$3.3 billion) loss over the past three years due to the COVID-19 pandemic, is poised for a significant recovery in 2024. According to the Taoyuan International Airport Corporation, passenger traffic is expected to approach 44 million this year, roughly 90% of the volume seen before the pandemic. The airport, which had handled a record 48.68 million passengers in 2019, had reported a pre-pandemic after-tax profit of NT$8 billion. However, the pandemic’s impact resulted in severe financial strain, with substantial losses reported from 2020 to 2022.
The airport’s chairman, Yang Wei-fuu, noted that while a modest profit was achieved last year, most of it was directed towards mitigating pandemic-related losses. Despite a lingering debt of NT$5.4 billion at the end of the previous year, the airport is on track to settle this debt by the end of 2024.
Ongoing projects include the construction of the airport’s third terminal, which is currently about 40% complete. The north concourse is scheduled to open by mid-2024, with the south concourse and the main terminal building expected to be operational by late 2027. The airport also faces an additional NT$300 billion in costs for various infrastructure projects, including an incinerator and a third runway.
As the global travel industry rebounds, Taoyuan International Airport’s recovery and expansion efforts are seen as crucial steps towards restoring its pre-pandemic status and accommodating the increasing passenger demand.
Credit: Taiwan News