Strong cargo performance as Cathay Pacific returns to profit

Cathay Pacific saw increased capacity, yield and load factors in cargo as it benefitted from robust demand in 2018. It says the 14.7% (to HK$2.03) increase in yield compared to 2017 reflected a rise in high-value specialist cargo shipments and higher fuel surcharges.

Cargo capacity of Cathay Pacific and Cathay Dragon increased by 2.6%. The load factor increased by 1% to 68.8%. Tonnage carried increased by 4.7%. Group cargo revenue increased by 18.5% to HK$28,316m.

Overall, the Cathay Pacific Group reported an attributable profit of HK$2,345m for 2018 with total revenues of HK$111,060m. This compares to a loss of HK$1,259m for 2017.

Chairman John Slosar said the three year transformation programme remains on track though he warns that “the business environment is expected to remain challenging in 2019, with the forecast strength of the US dollar and uncertainty due to geopolitical discord and global trade tensions dampening passenger and cargo demand.”