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Cathay Pacific Records HK$1,670 Million Profit In 2005 Interim Results

10 Aug 2005


Results 1H20051H2004Change
TurnoverHK$ million23,88419,659+21.5%
Attributable profitHK$ million1,6701,771-5.7%
Earnings per shareHK cents49.552.8-6.3%
Dividend per shareHK cents20.020.0-

Cathay Pacific Airways recorded an attributable profit of HK$1,670 million during the first six months of the year compared to a HK$1,771 million first-half profit last year.

Fuel costs represented 27.9% of the airline’s total net operating cost in the first half of 2005, up from 21.8% in the same period a year ago, as the average price of fuel into plane increased from US$46 to US$65 per barrel. Passenger and cargo fuel surcharges only partially offset this additional cost.

Turnover increased by HK$4,225 million to HK$23,884 million as the airline carried 7.3 million passengers and 517,920 tonnes of cargo, up from 6.4 million passenger and 469,909 tonnes of cargo carried in the first half of 2004. Passengers carried increased by 14.5% over the period, ahead of a corresponding 12.2% increase in passenger capacity. Passenger yield was HK¢47.2, compared to HK¢45.7 last year.

Cargo demand out of Hong Kong remained strong. The cargo load factor was 65.9% and cargo yield was HK$1.75 up from HK$1.72 last year.

The airline expanded its fleet and extended services during the period, taking delivery of a Boeing 747-400 freighter, one B777-300 and two Airbus 330-300 passenger aircraft. A further A330-300 was delivered in July.

Work started in April on our first B747-400 passenger-to-freighter conversion. This aircraft will enter service with the airline in December. Orders are in place for the conversion of six more by 2007. Three refitted second hand B747-400 passenger aircraft will enter service with the airline by the end of this year.

New and additional passenger services were added to Amsterdam, Beijing, Denpasar, Frankfurt, Ho Chi Minh City, Johannesburg, Los Angeles, Nagoya, Perth, Xiamen along with 12 weekly freighter services to Shanghai. Later this year the airline will inaugurate new freighter services to Atlanta and Dallas and a fourth daily passenger service to London.

Cathay Pacific further cemented its strategic partnership with Air China by signing accords to codeshare on flights to and from Beijing and to participate in our frequent flyer programmes.

Cathay Pacific Chairman David Turnbull said: "While forward bookings are encouraging the high price of fuel, which could yet dampen world growth, may well make it difficult for us to achieve a similar result in the second half. This year we have already won a number of major international service awards, including the Airline of the Year 2005. Delivering superior service and value for money remains our focus as we continue to expand our network and strengthen Hong Kong as a global aviation hub."
For Further Information Please Contact:
Carolyn Leung, Corp Comm Mgr, Public Affairs,
(852) 2747-5393 or 7901 5393 or 6053 6066
Maria Yu, Corp Comm Mgr, Media Relations,
(852) 2747-5363 or 9156 8431 or 7901 5368