Cathay stays in the black

CATHAY PACIFIC (CX) has reported an overall profit of HK$812m (about £62m) for the six months to 30 June – compared to a HK$760m loss for the same period last year.  The carrier said the good figure was mainly a result of a HK$2.1bn unrealised fuel hedging gain, with CX seeing a 27.1% drop in turnover and an operating loss of HK$765m.  On the passenger side Cathay Pacific witnessed a fall in premium business as many major corporate clients, particularly in the financial sector, either reduced or downgraded travel.  Load factors in the Economy Class cabin were maintained at high levels but a combination of low fares, due to strong competition in the market, and the impact of the stronger dollar reduced revenue.  As a result passenger yield fell by 19.7%.  The number of passengers carried by the Cathay Pacific Group (which includes Dragonair) dropped by 4.2% to 11.9m against a capacity reduction of 2.1%.  The overall passenger load factor fell by 1.5 percentage points to 78.5%.  Cargo demand was very weak with demand down by 15.3%, less however than some competitors. www.cathaypacific.com

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