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Cathay Pacific announces Annual Results For 2003

10 Mar 2004

Results 20032002Change
TurnoverHK$ million29,57833,090-10.6%
Attributable profitHK$ million1,3033,983-67.3%
Earnings per shareHK cents39.0119.5-67.4%
Dividend per shareHK cents48.044.0+9.1%

Cathay Pacific Airways today announced its full-year results for the year 2003. The Group reported a profit attributable to shareholders of HK$1,303 million compared to a profit of HK$3,983 million in 2002. Turnover fell by 10.6 percent to HK$29,578 million.

The airline's operations in the first half of the year were severely disrupted by the SARS outbreak which resulted in a previously reported first-half loss of HK$1,241 million. The airline returned to profitability in the second half with a sharp rebound in passenger demand and continued strong support from the cargo business.

Cathay Pacific added new passenger services to several regional and long-haul destinations, and opened another important chapter in its history with the resumption of services to Beijing. Although the airline saw an 18 percent year-on-year decline in the number of passengers carried to ten million, more than six million of those flew in the second half of the year. Passenger yield for 2003 declined 4.6 percent to HK43.3 cents per passenger kilometre flown.

Demand for the airline's cargo services remained strong throughout the year. In 2003, the airline carried a record 874,724 tonnes of freight, up 2.8 percent on 2002. Osaka and Singapore were added to the freighter network and additional services were launched to Brussels, Manchester, Milan and cities in the United States. The Group's cargo revenue increased 5.6 percent over 2002. Cargo yield fell 1.1 percent to HK$1.78.

Cathay Pacific Chairman James Hughes-Hallett said: "The airline came through a very testing year in remarkably good shape. The results reflect a strong performance by the cargo business and a very welcome rebound in the passenger business in the second half of the year. I would like to express sincere thanks to our staff for their efforts in bringing the airline successfully through an extremely challenging period. Looking forward, we will continue to invest in our fleet, our product and our people in order to take advantage of new growth opportunities and enhance Hong Kong's position as a global aviation hub."

2003 Annual Report and Annual Result Presentation download