The Moodie Davitt Report - Mark Lane
Changi Airport Group (CAG) has reported a -9.2% decrease in concession sales across its 2019/20 financial year ending 31 March, to S$2.6 billion (US$1.91 billion).
The new financial results released by CAG showed that after the first ten months of the period, sales growth from concessions had stood at +1.5%. However, a severe revenue downturn came during February and March (-58% combined), as COVID-19 took its toll. Passenger traffic plummeted by -33% and -71% across the two months respectively due to travel restrictions and border closures...more
