Cathay Pacific profits down 61% in 2011, yield holds up

Cathay Pacific revenue up 10% - financial highlights for 12 months ended 31-Dec-2011:

• Revenue: HKD98,406 million (USD12,680 million), +9.9% year-on-year;
  • Passenger: HKD67,778 million (USD8733 million), +14.2%;
  • Cargo: HKD25,980 million (USD3348 million), +0.3%;
  • Catering, recoveries and others: HKD4648 million (USD599 million), +8.9%;
• Operating costs: HKD92,906 million (USD11,971 million), +18.4%;
  • Fuel: HKD38,877 million (USD5009 million), +37.5%;
  • Labour: HKD14,772 million (USD1903 million), +6.7%;
• Operating profit: HKD5500 million (USD708.6 million), -61.0%;
• Net profit: HKD5501 million (USD708.8 million), -60.8%;
• Total assets: HKD137,133 million (USD17,670 million), +7.1%;
• Total liabilities: HKD81,189 million (USD10,461 million), +10.3%;
• Passenger numbers: 27.6 million, +2.9%;
• Passenger load factor: 80.4%, -3.0 ppts;
• Passenger yield: HKD 66.5 cents (USD8.57 cents), +8.7%;
• Cargo volume: 1.6 million tonnes, -8.6%;
• Cargo load factor: 67.2%, -8.5 ppts;
• Cargo yield: HKD2.42 (USD 31.18 cents), +3.9%. [more - original PR] [more - CAPA Analysis]

*Based on the conversion rate at USD1 = HKD7.76081

Cathay Pacific: "Looking ahead, economic uncertainties have continued into the first half of this year - while these uncertainties continue, we expect pressure on economy class yields and our cargo business in particular to remain weak. Fuel prices have risen further. As a result, 2012 is looking even more challenging than 2011 and we are therefore cautious about prospects for this year," Christopher Pratt, Chairman. Source: Cathay Pacific, 14-Mar-2012.