Cathay Pacific profits soar
Cathay Pacific Airways announced its full-year results for the year 2002. The Group reported a profit attributable to shareholders of US$510 million compared to a profit of $84 million 2001. Turnover rose by 8.7 per cent to $4.2 billion.The Group's much improved performance came from increased passenger demand, strong growth in the cargo business and the success of ongoing efforts to increase productivity and reduce operating costs. Overall passenger load factors reached record levels. However, first and business class demand remained weak, contributing to a 0.7 per cent drop in passenger yield. The airline's cargo business enjoyed sustained growth throughout the year, spurred by high demand for Hong Kong exports in Asia, Europe and, in particular, North America. Cargo operations to Europe were strengthened by new services to Milan, Brussels and Manchester. However, cargo yields fell slightly by 2.7%. Cathay Pacific's regional manager for Middle East, India and Africa, Charles Bremridge said: "Despite many challenges, 2002 turned out to be a very successful year for Cathay Pacific, thanks to the continued support of our passengers and the hard work of all our staff.