Cathay Pacific net profit slumps 59% in 1H2011; acquires more aircraft

Cathay Pacific reported a better-than-expected 59% year-on-year decline in first half (six months ended 30-Jun-2011) net profit, impacted by rising fuel costs combined with softened demand for passenger travel and freight services amid uncertainty over the global economy although a better-than-expected hedging gain and fuel surcharges eased some of the burden. The carrier has stated that 2011 will be a “normal” year for the airline industry, with the carrier and industry unlikely to see the fantastic growth of last year. [4183 words]

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This report contains the following subheadings:

• Cathay Pacific declines from record levels; revenue growth of 13%
• Margins slump from over 15% to 6%
• Fuel costs take bite out of profitability
• Yields increase by 11.8%; demand for economy-class seats less than expected
• Freight weak at present
• Expects double-digit growth in mainland business
• To purchase four B777-300ERs and eight B777-200F; 97 aircraft on order
• Cathay’s other businesses
• Conclusion

This report contains the following charts and tables:

• Shares comparison for Singapore Airlines, Cathay Pacific, Air China for the last 12 months: Aug-2010 to Aug-2011
• Cathay Pacific operating profit margin and net profit margin: 2000 to 1H2011
• Cathay Pacific revenue growth and costs growth: 2005 to 1H2011
• Cathay staff cost and fuel cost as a proportion of total operating cost: 2000 to 1H2011
• Cathay Pacific pax growth and cargo volume growth: 2005 to 1H2011
• Cathay Pacific pax yield growth and cargo yield growth: 2005 to 1H2011
• Cathay Pacific passenger load factor and cargo load factor: 2000 to 1H2011
• Cathay Pacific fleet profile: as at 30-Jun-2011
• Cathay Pacific Group financial and operating highlights: 1H2011 vs 1H2010
• Cathay Pacific and Dragonair operating statistics: 1H2011 vs 1H2010
• Cathay Pacific and Dragonair capacity, load factor and yield: 1H2011 vs 1H2010
• Cathay Pacific operating expenses breakdown: 1H2010 vs 1H2011
• Cathay Pacific geographical information: 1H2010 vs 1H2011
• Cathay Pacific network news: 1H2011