Regional Round-Up
Cathay Pacific result worst since Sars
September 1st 2012
Leading global carrier, Cathay Pacific Airways, reported first half losses of HK$935 million (US$120 million) to June 30, compared with a HK$2.8 billion profit in the same months in 2011. The results were the worst interim figures for the carrier since 2003, when the Hong Kong passenger numbers were decimated by an outbreak of Severe Acute Respiratory Syndrome (Sars). Read More »
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For the reported period, combined Cathay and Dragonair passengers carried grew 8.6% to 14.3 million, and revenue rose 4.4%, to HK$48.861 billion. Said a Cathay statement: “The airline’s core business was significantly affected by the persistently high price of jet fuel, (41.6% of total operating costs for the period), passenger yields coming under pressure and weak air cargo demand – factors common to the aviation industry as a whole.”
Profits from associated companies, including Air China, also showed a marked decline, Cathay said.
Earlier in the year, the Hong Kong-based carrier announced schedule and capacity changes, removal of older, fuel expensive aircraft, a recruitment freeze and a scheme of voluntary unpaid leave for cabin crew to stem losses.
