Cathay Pacific rises despite challenges
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The Cathay Pacific Group reported a profit of HK$812 million (US$105 million) for the first six months of 2009. This compares to a loss of HK$760 million in the first half of 2008. Earnings per share rose by HK39.9 cents to HK20.6 cents. Turnover for the period fell by 27.1% to HK$30,921 million.
On the passenger side Cathay Pacific saw a fall in premium business as corporate clients, particularly in the financial sector, either reduced or downgraded travel. Load factors in the Economy Class cabin were maintained at high levels but a combination of lower fares and the impact of the stronger dollar reduced revenue. The number of passengers carried by Cathay Pacific and Dragonair fell by 4.2% to 11.9 million against a capacity reduction of 2.1%. The overall passenger load factor fell by 1.5 percentage points to 78.5%.
“The global recession in the first half of 2009 saw extremely challenging business conditions for commercial aviation,” Cathay Pacific’s Chairman, Christopher Pratt, said in a statement. “A number of measures were introduced to help address the revenue shortfall, including
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