Cathay Pacific results down

CATHAY Pacific Airways has posted its March results, which show a continuing decline.

Cathay Pacific and Dragonair combined carried 129,628 tonnes of cargo and mail, a fall of 13.7 per cent compared to March 2008. Capacity fell by 10 cargo tonne kilometres. The cargo and mail load factor fell by 0.3 percentage points to 67.9 per cent. For the year to date, tonnage has fallen by 18.7 per cent compared to a capacity drop of 14.1 per cent.

Cathay Pacific general manager cargo sales and marketing Titus Diu said: “The sharp drop in tonnage compared to the previous year highlights the continued weakness of the global airfreight business, and the fierce competition in shrinking markets is putting tremendous pressure on our cargo yield.

“The market out of Hong Kong continues to be hit by a fall in production in the key Pearl and Yangtze River Delta areas, though our business to and from the US received a lift from the launch of a new service to Miami and Houston which is giving us greater access to the important South American markets.”

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