Over-capacitiy remains a major concern with Cathay Pacific Cargo

Cathay Pacific Cargo: Cargo revenue for the first half of 2014 rises 3.4%; six Boeing 747-400F freighters to leave the fleet by 2016

The Cathay Pacific Group reported an attributable profit of HK$347 million for the first six months of 2014. This compares to a profit of HK$24 million in the first half of 2013. Turnover for the period rose by 4.6% to HK$50,840 million. A number of factors had a significant negative impact on the Group’s business in the first six months of 2014. The principal adverse factors were reduced passenger yield, continued weakness and over-capacity in the air cargo market, the continued high fuel price and a weak performance from an associated company, Air China.

Fuel remains the Group’s most significant cost. In the first half of 2014 fuel costs increased by 5.2% compared to the same period in 2013. Fuel accounted for 37.9% of total operating costs, which represents a 0.9 percentage point decrease compared with the corresponding period in 2013. In the first half of 2014, hedging activities resulted in a gain of HK$1,024 million. A significant amount of this gain is unrealised. Cathay Pacific continues to increase fuel efficiency by modernising its fleet. It is also focused on controlling costs.

The Group’s cargo revenue for the first half of 2014 was HK$11,663 million, a rise of 3.4% compared to the same period in the previous year. Yield for Cathay Pacific and Dragonair decreased by 6.9% to HK$2.17. Capacity increased by 10.8%, while the load factor rose by 0.8 percentage points to 63.2%. Over-capacity in the industry remains a major concern and has made it difficult to increase rates. The airlines continued to manage capacity in line with demand in the first half of 2014. More cargo was carried in the bellies of passenger aircraft, reflecting increased use of Boeing 777-300ER aircraft. Its new cargo terminal in Hong Kong is operating smoothly and now provides services for airlines outside the Cathay Pacific Group.

The Cathay Pacific Group continues to modernise its fleet. In the first six months of 2014 it took delivery of five new aircraft: two Boeing 777-300ERs, two Airbus A330-300s, and (for Dragonair) one Airbus A321-200. Two Boeing 747-400 passenger aircraft were retired during the period. As part of agreements entered into with The Boeing Company in 2013 the airline is selling its six Boeing 747-400F freighters back to The Boeing Company. Four of these freighters are now parked and all six will have left the fleet by 2016.

www.cathaypacific.com/

Quelle: LogEastics
Portal: www.logistik-express.com