Cathay Pacific posts record revenues
Hong Kong-based Cathay Pacific Airways reported a 235 percent jump in net profit to HK$4.5 billion ($579 million) in 2004 from HK$1.3 billion in 2003.
Operating profit in 2004 increased 136 percent to HK$5.2 billion ($673 million) from HK$2.2 billion in 2003. Revenue rose 32 percent to a record HK$39 billion ($5 billion) from HK$29.5 billion in 2003.
Citing continued growth in demand from Europe, Japan and the United States for goods manufactured in Mainland China, Cathay’s revenue from cargo services increased 15 percent to a record HK$11.3 billion ($1.5 billion) compared to HK$9.9 billion in 2003.
Cathay said it carried a record 13.6 million passengers and 972,416 tons of cargo in 2004.
“Improved world and Hong Kong economies were the main drivers for growth. 2004 would have been the airline’s best year on record had there not been a sharp rise in the price of fuel,” Cathay said in a statement. Fuel costs accounted for 23.9 percent of the airline’s total operating cost, up from 19.8 percent in 2003.