Cathay Pacific revenue down 22.6%, yield declines also in the double-digits in 2009

Cathay Pacific revenue down 22.6% - financial highlights for the 12 months ended 31-Dec-2009:

• Revenue: USD8,631 million, -22.6% year-on-year;
• Operating cost: USD-33.6%;
  • Fuel: USD2,236 million, -63.3%;
  • Labour: USD1,626 million, +1.5%;
• Operating profit: USD738.8 million, compared to a loss of USD1,035 million in the previous corresponding period;
• Net profit: USD604.9 million, compared to a loss of USD1,121 million in the previous corresponding period;
• Passenger numbers: 24.6 million, -1.6%;
• Passenger load factor: 80.5%, +1.7 ppt;
• Passenger yield: USD 6.59 cents, -19.5%;
• Cargo volume: 1.5 million tonnes, -7.1%;
• Cargo yield: USD 23.97 cents, -26.8%. [more]

*Based on the conversion rate at USD1 = HKD7.76

Cathay Pacific: "While we welcomed the improvement in business in the latter part of 2009, we remain cautious about the prospects for 2010. Revenues and yields remain below levels experienced prior to the recent downturn and there has not yet been a sustained improvement in premium passenger demand which accounts for a high proportion of total revenues. There are concerns that the adverse changes which we have seen in the pattern of passenger and freight demand could be structural rather than cyclical. In addition, the cost of fuel, which rose steadily from the middle of 2009, remains stubbornly high and threatens to undermine profitability," Christopher Pratt, Chairman. Source: Cathay Pacific, 10-Mar-2010.