TAIPEI (Taiwan News) — Taiwan Taoyuan International Airport, which suffered more than NT$10 billion (US$3.3 billion) in losses over three years during the COVID-19 pandemic, is on track to recover this year, the Taoyuan International Airport Corporation said Wednesday (Aug. 14).

The airport handled a record 48.68 million passengers in 2019, generating NT$8 billion in after-tax profit. Then the pandemic led to a NT$11.3 billion loss from 2020 to 2022, per CNA.

Passenger volume is expected to reach 44 million this year, or 90% of pre-pandemic levels. The airport is expected to fully recover next year.

Taoyuan Airport Chair Yang Wei-fuu (楊偉甫) said the airport made a small profit last year, but most of it went toward covering pandemic losses. The airport still owed NT$5.4 billion at the end of last year but expects to pay that back this year.

Construction of the airport's third terminal is about 40% complete, with the north concourse scheduled to open in mid-2024 and the south concourse and main terminal building in late 2027. The airport faces additional costs of over NT$300 billion for projects, including an incinerator and a third runway.