Cathay Pacific 2013 profit up 203.9%

The Cathay Pacific Group announced Wednesday an attributable profit of 2.62 billion HK dollars for 2013, a rise of 203.9 percent over the previous year. Turnover for the year increased by 1.1 percent to 100.48 billion HK dollars. Cathay Pacific Chairman Christopher Pratt said the improvement in the Group's performance in 2013 was largely due to the strengthening of its passenger business and the positive impact of measures introduced in 2012 to protect the business from the high price of jet fuel. According to the announcement, passenger revenue in 2013 increased by 2.4 percent to 71.83 billion HK dollars. The Group's cargo revenue in 2013 was 23.66 billion HK dollars, a decline of 3. 6 percent compared to the previous year. "While the passenger business was generally strong last year, our cargo business continued to be affected by weak demand and over-capacity in the market," Christopher Pratt said. The Group said it has done everything it can to keep the cargo business in the best shape possible in the face of such challenges. "We have been flexible in adjusting capacity, have made our freighter fleet more efficient, and opened up new markets to ensure the freight keeps flowing through Hong Kong," Christopher Pratt said. He added the price of jet fuel remains a concern for Cathay Pacific and the industry as a whole. Fuel remains the Group's most significant cost contributor, accounting for 39 percent of total operating costs in 2013.