Beijing Capital International Airport Company Limited (BEIJING AIRPORT) reported a turnaround to profitability for the three months ended 31 March 2026, supported by solid top-line growth and tighter cost control.
Revenue and Cost Dynamics • Operating revenue rose 5.10% year-on-year to RMB1.41 billion, outpacing the 2.06% decline in cost of sales to RMB1.21 billion. • Gross profit therefore expanded to RMB205.00 million, lifting the gross margin to 14.51% from 8.26% in the same period last year.
Profitability Rebound • An operating loss of RMB4.64 million narrowed sharply from the RMB121.98 million loss recorded in Q1 2025. • After incorporating RMB17.00 million in non-operating income and deducting RMB3.09 million of income tax, net profit reached RMB9.27 million, reversing the RMB125.01 million net loss a year earlier.
Expense and Finance Trends • General and administrative expenses fell 16.53% year-on-year to RMB87.58 million. • Net finance costs decreased 6.90% to RMB61.95 million, reflecting lower interest outlays and reduced foreign-exchange losses.
Cash Flow and Liquidity • Net cash generated from operating activities improved to RMB449.67 million, up 6.98% year-on-year, driven by stronger cash collections from airline and non-aeronautical services. • Capital expenditure payments declined to RMB38.00 million from RMB83.26 million a year earlier, easing pressure on free cash flow. • After debt repayments of RMB2.72 billion, cash and cash equivalents still increased 16.49% from year-end 2025 to RMB2.16 billion.
Balance-Sheet Position • Total assets stood at RMB29.92 billion, marginally lower than the RMB30.01 billion at 31 December 2025, mainly due to depreciation of fixed assets and a reduction in construction-in-progress. • Total liabilities edged down to RMB17.05 billion, trimming the company’s debt load by RMB0.10 billion quarter-to-date. • Shareholders’ equity improved slightly to RMB12.87 billion, as retained losses narrowed to RMB2.01 billion from RMB2.02 billion three months earlier.
Capital Structure and Liquidity Buffer • Short-term borrowings remained stable at RMB7.26 billion, while long-term borrowings were unchanged at RMB1.19 billion. • Cash at bank and on hand grew to RMB2.18 billion, providing a larger liquidity buffer against RMB2.50 billion of non-current liabilities due within one year.
Outlook Indicators The first-quarter improvement in revenue, margin expansion, and cash generation signal a gradual recovery in BEIJING AIRPORT’s operating environment. Management’s ongoing cost discipline and moderated capital spending have contributed to the return to profitability and a stronger cash position at quarter-end.
Investors are reminded that these results are unaudited and prepared under PRC Accounting Standards for Business Enterprises, as disclosed in the company’s announcement dated 23 April 2026.
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