BEIJING (dpa-AFX) - Hong Kong flag carrier Cathay Pacific Airways Limited (CPCAF.OB, CPCAY.PK) reported Wednesday that its first-half profit attributable to the shareholders was HK$1.35 billion or 34.2 HK cents per share, compared to loss of HK$263 million or 6.7 HK cents per share in the year-ago period.
The company noted that while its passenger revenue was satisfactory, overall yield declined. The cargo business was weaker, due in part to U.S.-China trade tensions, with a decline in both volume and yield. The airline benefited from lower fuel prices, but was adversely impacted by a stronger U.S. dollar.
Revenue for the first half grew 0.9 percent to HK$53.55 billion from HK$53.08 billion a year ago. The Group's passenger revenue increased 5.6 percent to HK$37.45 billion.
Revenue passengers carried increased 4.4 percent to 18.26 million from last year's 17.49 million.
Traffic, in revenue passenger kilometres grew 6.7 percent to 68.08 billion RPK. Capacity in available seat kilometres also increased 6.7 percent to 80.81 billion ASK. Passenger load factor was flat with last year at 84.2 percent.
Looking ahead, Cathay Pacific said, 'Our airlines normally achieve better results in the second half of the year than in the first half and, despite headwinds and other uncertainty, we expect this to be the case in 2019.'
Copyright RTT News/dpa-AFX
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