Cathay Pacific Airways reports USD28m operating loss in 1H2012

Cathay Pacific Airways revenue up 4% - financial highlights for six months ended 30-Jun-2012:

• Revenue: HKD48,861 million (USD6296 million), +4.4% year-on-year;
  • Passenger: HKD34,713 million (USD4473 million), +9.2%;
  • Cargo: HKD11,897 million (USD1533 million), -7.6%;
• Operating costs: HKD49,082 million (USD6325 million), +11.6%;
  • Fuel: HKD20,407 million (USD2630 million), +9.9%;
  • Labour: HKD7956 million (USD1025 million), +10.4%;
• Operating profit (loss): (HKD221 million) (USD28 million), compared to a profit of HKD2798 million (USD361 million) in p-c-p;
• Net profit (loss): (HKD935 million) (USD120.5 million), compared to a profit of HKD2808 million (USD361.8 million) in p-c-p;
• Passenger numbers: 14.3 million, +8.6%;
• Passenger load factor: 80.1%, +0.8 ppt;
• Passenger yield: HKD 66.1 cents (USD 8.52 cents), +1.2%;
• Cargo volume: 754,000 tonnes, -9.8%;
• Cargo load factor: 64.3%, -4.1 ppts;
• Cargo yield: HKD2.41 (USD 31.06 cents), -0.4%;
• Total assets: HKD141,883 million (USD18,283 million), +3.5% when compared to period ended 31-Dec-2011;
• Total liabilities: HKD88,369 million (USD11,387 million), +8.8% when compared to period ended 31-Dec-2011. [more - original PR] [more - CAPA Analysis]

*Based on the average conversion rate at USD1 = HKD7.7604 for the period

Cathay Pacific Airways: "Our financial position remains strong and we are in a good position to deal with our current challenges. We will continue to invest in the future, using our core strengths - a superb team, a strong international network, exceptional standards of customer service, a strong relationship with Air China and our position in Hong Kong - to ensure the continued success of the Cathay Pacific Group," Christopher Pratt, chairman. Source: Company statement, 08-Aug-2012.