Cathay Pacific returns to operating profit in 1H2013

Cathay Pacific revenue down 1% - financial highlights for six months ended 30-Jun-2013:

• Revenue: HKD48,584 million (USD6262 million), -0.6% year-on-year;
• • Passenger: HKD34,978 million (USD4508 million), +0.8%;
  • Cargo: HKD11,278 million (USD1454 million), -5.2%;
  • Catering, recoveries and other services: HKD2328 million (USD300.0 million), +3.4%;
• Operating costs: HKD47,549 million (USD6128 million), -3.3%;
• • Fuel: HKD18,674 million (USD2407 million), -8.5%;
  • Labour: HKD8432 million (USD1087 million), +4.8%;
• Operating profit: HKD1035 million (USD133.4 million), compared to a loss of HKD311 million (USD40.1 million) in p-c-p;
• Net profit: HKD24 million (USD3.1 million), compared to a loss of HKD929 million (USD119.7 million) in p-c-p;
• Passenger numbers: 14.5 million, +1.3%;
• Passenger load factor: 81.3%, +1.2 ppt;
• Passenger yield: HKD 69 cents (USD 8.9 cents), +4.4%;
• Cargo volume: 741,000 tonnes, -1.7%;
• Cargo load factor: 62.4%, -1.9 ppt;
• Cargo yield: USD2.33 (USD 30 cents), -3.3%;
• Total assets: HKD157,162 million (USD20,256 million);
• Liquid funds: HKD23,384 million (USD3014 million);
• Total liabilities: HKD99,112 million (USD12,774 million). [more - original PR]

*Based on the average conversion rate at USD1 = HKD7.7588

Cathay Pacific: "While we continued to operate in a difficult environment in the first six months of 2013, it was pleasing to see some improvement in our business. This improvement mainly reflected stronger passenger business and cost reductions. Our financial position remains strong. We will continue to invest to make our business stronger. We will remain focused on our long-term goals while managing short-term challenges. The business outlook for the rest of 2013 remains unclear, but our core strengths - a superb team, a strong international network, exceptional standards of customer service, a strong relationship with Air China and our position in Hong Kong - remain firmly in place," Christopher Pratt, Chairman. Source: Company statement, 14-Aug-2013.