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            january 27, 2020

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Cathay profit off 83.3pc


Hong Kong's Cathay Pacific Group posted an 83.3 per cent decline in 2012 profit attributable to shareholders to HK$916 million (US$118 million) as revenue increased one per cent to HK$99.3 billion, according to the Shipping Gazette.
Cathay results, which also include those of sister company Dragonair, were hit by high fuel prices, lower passenger yields and weak air cargo demand, said company chairman Christopher Pratt.
"Economic uncertainty, particularly in the Eurozone, and an increasingly competitive environment added to the difficulties," he said.
Cargo revenue fell 5.5 per cent in 2012 to HK$24,555 million as yield for Cathay and Dragonair remained flat at HK$2.42 million. Capacity was down 3.1 per cent and the cargo load factor fell three percentage points to 64.2 per cent.
"Our cargo business was affected by weak demand in major markets, particularly from Asia to Europe. Demand for shipments from our two key markets, Hong Kong and mainland China, was well below expectations," Mr Pratt said.
"We opened new routes where demand was robust. We introduced freighter services to Zhengzhou in mainland China in March, Hyderabad in May and Colombo in December. We suspended our freighter service to Zaragoza in Spain in November 2012 and those to Brussels and Stockholm in February 2013," he said.
Passenger revenue for the year was HK$70,133 million, an increase of 3.5 per cent year on year. Capacity increased by 2.6 per cent, carrying 29 million passengers, up five per cent year on year with the load factor falling 0.3 percentage points and yield increasing 1.2 per cent to HK67.3 cents, largely due to higher fuel surcharges.
Fuel prices kept at high levels and this had a major impact on operating results. The group's fuel costs (disregarding the effect of fuel hedging) increased by 0.8 per cent year on year. Fuel accounted for 41.1 per cent of operating costs - a decrease of 0.4 per cent year on year.

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