Cathay Pacific: Contribution from subsidiaries weakened but associated companies improved in 1H2019

Cathay Pacific Group chairman John Slosar stated (07-Aug-2019) contribution from its subsidiaries weakened in 1H2019 while contribution from its associated companies improved. Details as follows:

• Air Hong Kong reported a decline in profit;
• Asia Miles Ltd reported an increase in profit due to an increase in business volume;
• Cathay Pacific Catering Services reported a decline in profit as increases in labour and overhead costs more than offset an increase in revenue;
• Cathay Pacific Services financial result declined mainly due to lower tonnage;
• Hong Kong Airport Services financial results were "worse", reflecting the transfer of Cathay Dragon's passenger handling business to Cathay Pacific in Mar-2018;
• Air China Limited financials for the six months to 31-Mar-2019 improved;
• Air China Cargo financial results declined due to intense competition in the air cargo market. [more - original PR]