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Cathay Pacific 1H Profit Plummets 133%

Wed Aug 08, 2012 6:51 am

It seems no-one is safe ;

Cathay Pacific plunged to a first half loss of US$120 million as the carrier was buffeted by high fuel prices, falling passenger yields and weak air cargo demand.

Profits from associated companies, including Air China, also showed a marked decline, Cathay said in its interim results statement released today.

The loss of $120 million for the first six months of 2012 was down 133 percent compared to the profit of $362 million in the first half of 2011. Turnover for the period rose by 4.4 percent to $6.3 billion.

The group's cargo business was affected by continued weak demand in major markets. Cargo revenue for the first half of 2012 was down by 7.6 percent to $1.5 billion compared to the same period in 2011. Yield was down by 0.4 percent.

Capacity was down by 4.3 percent, while the load factor was down by 4.1 percentage points to 64.3 percent. Demand for shipments from the group's two key markets, Hong Kong and Mainland China, was well below expectations, though the introduction of new hi-tech consumer electronics products in March resulted in a temporary improvement.
Vietnam time..