Swire Pacific's majority-held Hongkong Aircraft Engineering Co (Haeco) yesterday agreed to spend HK$380 million on its third maintenance hangar at Chek Lap Kok and was awarded an extension of its franchise by the Airport Authority.
Haeco, which earlier reported a 38 per cent gain in first-half net profit, said 350 new engineers would be trained to staff the new Hong Kong facility, which would be built in two phases with the first expected to be operational by 2009.
'The first phase of the third hangar recognises our optimism of future increased workload and should inject a further note of confidence in Hong Kong's capability to project itself as an international and regional aviation centre,' Haeco chief executive Chan Ping-kit said yesterday.
'The provision of the second phase allows us to plan our future with certainty, and underpins the future of Haeco in Hong Kong.'
Net profit for the six months to June rose to HK$398 million from HK$289 million a year earlier as revenue jumped 24.1 per cent to HK$1.83 billion.
Haeco announced an interim dividend of HK$3.15 per share - including a regular dividend of 65 HK cents and a special payout of HK$2.50.