Cathay Pacific results better than forecast
Cathay Pacific shares jumped 4.5% yesterday, with the carrier reporting better-than-expected results. Revenue increased 34% year-on-year to USD11.5 billion on a 9% increase in passenger numbers and a 20% increase in yield. Net profit tripled to USD1.8 billion.
EVA Air shares rose 5.8% in trading. The company reported Feb-2011 passenger traffic dropped 5.9%, but passenger yields rose 8.7%. Cargo volume and yields both decreased moderately.
Cathay Pacific reported the following financial highlights for the 12 months ended 31-Dec-2010:
- Revenue*: USD11,497 million, +33.7% year-on-year;
- Operating costs: USD10,077 million, +25.6%;
- Fuel: USD3631 million, +63.0%;
- Labour: USD1779 million, +9.8%;
- Operating profit: USD1809 million, +145.7%;
- Net profit: USD1804 million, +199.3%;
- Passenger numbers: 26.8 million, +9.1%;
- Passenger load factor: 83.4%, +2.9 ppts;
- Passenger yield: USD 7.86 cents, +19.8%;
- Cargo volume: 1.8 million tonnes, +18.1%;
- Cargo load factor: 75.7%, +4.9 ppts;
- Cargo yield: USD 29.92 cents, +25.3%;
* Based on the conversion rate USD1 = HKD7.78693
EVA Air reported the following traffic highlights in Feb-2011:
- Passenger numbers: 482,768, -5.9% year-on-year;
- Passenger load factor: 74.6%, -4.7 ppts;
- Passenger yield*: USD8.45 cents, +8.7%;
- Cargo volume: 56,733 tonnes, -1.6%;
- Cargo yield: USD24.12 cents, -2.4%.
* Based on the conversion rate USD1 = TWD29.352
Selected APAD daily share price movements (% change): 09-Mar-2011
