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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