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            august 18, 2018

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Indiaexportnews.com

Cathay suffers profit loss, but revenue rises in first half as cargo gains

  09.08.2018    

Hong Kong's Cathay Pacific Airways suffered a first half net loss of HK$263 million (US$30 million), a plunge of 1,788 per cent year on year drawn on revenues of HK$53.07 billion, which increased 15.7 per cent.
Despite the loss, "funds attributable to shareholders of Cathay Pacific" increased 6.5 per cent year on year to HK$65.05 billion, according to a filing of the Hong Kong stock exchange.
"Our cargo business was strong, with growth in both volume and yield," said Cathay chairman John Slosar. We benefited from a weak US dollar during the early part of the period, but were adversely affected by significantly increased fuel prices."
Available tonne kilometres (ATK) stood at 15,747 million in the first half, up 3.7 per cent year on year while available seat kilometres (ASK) were up 3.2 per cent to 75,770 million.
First half available cargo and mail tonne kilometres were up 4.1 per cent to 8,542 while passenger revenue per ASK HK cents was up 7.1 per cent. Cargo and mail revenue per AFTK was up 20 per cent year on year and yield increased 16.3 per cent.
Said Mr Slosar: "Cargo revenue improved, reflecting strong demand. Tonnage carried grew faster than capacity and yield strengthened, reflecting increasing demand for specialist cargo shipments and the movement of higher value goods to and from Asia."
The group's cargo revenue in the first half of 2018 was HK$12,971 million, an increase of 23.4 per cent compared to the same period in 2017. Tonnage carried increased 7.5 per cent a million tonnes. Yield increased 16.3 per cent, he said.
"Our airlines usually perform better in the second half of the year than in the first half of the year. We expect this to be the case in 2018," Mr Slosar said.
"Our transformation programme will continue. We believe that we are on track to achieve our objective of achieving sustainable long-term performance for our airline businesses.
There is still much to do, but I am confident in our future. Of course, our success can only be achieved with the extraordinary efforts of management and service delivery professionals, according to Shipping Gazette.



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