HONG KONG. Profits for Cathay Pacific shot up +3,012% to HK$1.8 billion (US$230.8 million) for the first half of this year, marking a strong recovery from the same period last year, which was devastated by SARS.
The airline handled a +59.3% increase in passenger numbers.
Turnover for the period was HK$18.2 billion (US$2.3 billion), +48.1% more than the amount reaped over January to June last year.
Chairman James Hughes-Hallett said: “Strong passenger demand, particularly on long haul services, led to record first half passenger revenue.”
The company noted that long haul routes, in particular London and North America, “performed consistently well”.
“The Hong Kong market grew with strong front-end demand on long haul services and with more travellers taking flight and hotel packages,” said the carrier.
The airline posted a single day passenger traffic record when some 45,803 people used the airline on 4 July.
However, it noted that North Asian routes remained weak, “with the Japan outbound market only recovering slowly and Taiwan suffering from increased price competition”.
Besides the weak North Asian market, Hughes-Hallett pointed out that in the Asia Pacific region, “low cost carriers are entering a highly competitive and increasingly deregulated market place”, hence, “it remains to be seen what impact such intensified competition will have.
“Prospects for the traditionally stronger second half appear to be good, although the high fuel price remains a concern which, if sustained, could dampen global economic growth and the demand for air travel,” he said.
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Cathay Pacific achieves single day traffic record – 13/07/04
