Cathay Pacific 2011 net profit almost triples

Cathay Pacific revenue up 34% - 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%;
• Total assets: USD16,445 million. [more]

* Based on the conversion rate USD1 = HKD7.78693

Cathay Pacific: "Demand is at present expected to remain strong in 2011, but this expectation could be undermined if the current (or any higher) level of oil prices were to reduce global economic activity. Capacity will increase with the introduction of new destinations and increased frequencies. If our expectation as to demand is met, revenues will increase in line with capacity," Christopher Pratt, Chairman. Source: Cathay Pacific, 09-Mar-2011.