Cathay Pacific annual turnover increases 15%
Passenger revenue increase by HK$8.53 billion
The Cathay Pacific Group has reported a turnover of HKD86.58 billion in 2008, an increase of 14.9%, compared to HKD75.36 billion in 2007.
The company has reported an attributable loss to owners of Cathay Pacific of HKD8.56 billion in 2008, compared to a profit of HKD7.02 billion in 2007. Loss per share in 2008 was HKD217.5, compared to earnings per share of HKD178.3 in 2007.
Cathay Pacific and its subsidiary Dragonair have carried 25 million passengers in 2008, an increase of 7.3%, compared to 2007. In 2008, passenger revenue increased by HK$8.53 billion, largely as a result of strong demand in the first half of 2008.
Christopher Pratt, chairman of Cathay Pacific, said: Having made a painful adjustment to high fuel prices, the aviation industry now has to adjust to a severe economic downturn. Cathay Pacific expects an extremely challenging year in 2009.
Up to the end of February, unrealized mark to market losses on fuel hedging of HK$1.9 billion have been incurred in 2009, compared with HK$7.6 billion for the whole of 2008. The 2009 losses principally reflect reductions in the forward prices payable for fuel during the periods in which the relevant fuel hedging contracts will mature.
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