Cathay Pacific Group reports worst operating result since 2009 in 2016

Cathay Pacific Group revenue down 9% - financial highlights for 12 months ended 31-Dec-2016:

• Total revenue: HKD92,751 million (USD11,948 million), -9.4% year-on-year;
• • Passenger: HKD66,926 million (USD8622 million), -8.4%;
  • Cargo: HKD20,063 million (USD2585 million), -13.2%;
• Operating costs: HKD93,276 million (USD12,016 million), -2.5%;
• • Fuel: HKD27,953 million (USD3601 million), -15.2%;
  • Labour: HKD19,770 million (USD2547 million), +4.1%;
• Operating profit (HKD525 million) (USD68 million), compared to a profit of HKD6664 million (USD860 million) in p-c-p;
• Net profit (loss): (HKD274 million) (USD35 million), compared to a profit of HKD6308 million (USD814 million) in p-c-p;
• Passengers: 34.3 million, +0.8%;
• Passenger load factor: 84.5%, -1.2ppt;
• Passenger yield: HKD 54.1 cents (USD 7.0 cents), -9.2%;
• Cargo: 1.9 million tonnes, +3.1%;
• Cargo yield: HKD1.59 (USD 20.5 cents), -16.3%;
• Total assets: HKD177,421 million (USD22,856 million);
• Liquid funds: HKD121,895 million (USD15,703 million);
• Total liabilities: HKD20,290 million (USD2614 million). [more - original PR]

*Based on the average conversion rate at HKD1 = USD0.128822 for 2016
*Based on the average conversion rate at HKD1 = USD0.128987 for 2015

Cathay Pacific: "We expect the operating environment in 2017 to remain challenging. Strong competition from other airlines and the adverse effect of the strength of the Hong Kong dollar are expected to continue to put pressure on yield. The cargo market got off to a good start, but overcapacity is expected to persist," John Slosar, Chairman. Source: Company statement, 15-Mar-2017.