Cathay Pacific announces full-year results for 2002

Cathay Pacific Airways today announced its full-year 2002 results, reporting a profit attributable to shareholders of HK$3,983 million compared to a profit of HK$657 million in 2001. Turnover rose by 8.7% to HK$33,090 million.

The Group's much improved performance came from increased passenger demand, strong growth in the cargo business and the success of ongoing  efforts to increase productivity and reduce operating costs.

Overall passenger load factors reached record levels, even though first and business class demand remained weak, contributing to a 0.7% drop in passenger yield to HK45.4 cents (yield is a measure of average fares expressed in terms of revenue per passenger per flown kilometre).

The airline's cargo business enjoyed sustained growth throughout the year, spurred by high demand for Hong Kong exports in Asia, Europe and, in  particular, North America. Cargo operations to Europe were strengthened by new services to Milan, Brussels and Manchester. Overall cargo yields however fell slightly by 2.7% to HK$1.80 per tonne kilometre.

Cathay Pacific Chairman James Hughes-Hallett said: "Despite many challenges, 2002 turned out to be a very successful year for Cathay Pacific, thanks to the continued support of our customers and the hard work of all our staff. The outlook for 2003 is somewhat clouded by the current political and economic uncertainties, but we remain confident about our long-term  future. We are pressing ahead with plans to grow the fleet and strengthen our global network built around Hong Kong as Asia's leading aviation and logistics hub."