14-Mar-2012 4:36 PM

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.

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More