Cathay Pacific revenue down 27.1% in 1H2009, outlook challenging
Cathay Pacific revenue down 27.1% - consolidated financial highlights for the six months ended 30-Jun-2009:
- Revenue: USD3,990 million, -27.1% year-on-year;
- Operating costs: USD3,726 million, -32.2%;
- Fuel: USD857.4 million, -65.6%;
- Labour: USD783.9 million, -3.3%;
- Operating profit: USD263.6 million, compared to a loss of USD90.1 million in the previous corresponding period;
- Net profit: USD104.8 million, compared to a loss of USD98.1 million in the previous corresponding period;
- Passenger numbers: 11.9 million, -4.2%;
- Passenger load factor: 78.5%, -1.5 ppt;
- Passenger yield: USD 6.4 cents, -19.7%;
- Cargo volume: 701,000, -15.3%;
- Cargo yield: USD 21.4 cents, -32.8%;
- *Based on the conversion rate at USD1 = HKD7.75. [more - Perspective]
Cathay added that its subsidiary, Air Hong Kong, achieved a higher profit in 1H2009 than in 1H2008, while both Hong Kong Airport Services Ltd and Cathay Pacific Catering Services reported lower profit in 1H2009 than 1H2008.
Cathay Pacific: “The global aviation industry, hit hard by soaring fuel prices in 2008, is now having to confront one of the most severe demand downturns in living memory. There are cautious signs that the fall in demand has bottomed but there is, as yet, no indication when a sustained pick-up will begin. The recent strengthening of fuel prices is a cause for concern. Cathay Pacific has taken appropriate measures to get through the current slump and will take further measures as necessary should the cost and demand picture not improve. However, the Company will ensure that quality and brand are not compromised and that the service proposition to the customer remains intact and strong. Despite today’s difficult economic conditions Cathay Pacific remains confident in its future,” Christopher Pratt, Chairman. Source: 05-Aug-2009.