Cathay Pacific’s first half profits down 5.7%

Cathay Pacific’s first half profits down 5.7%    Hong Kong-based Cathay Pacific Airways said today that increased fuel costs resulted in a 5.7 percent drop in attributable profit of HK$1.67 billion ($215 million) during the first six months of the year compared to a HK$1.77 billion first-half profit last year.
   Fuel costs represented 27.9 percent of the airline’s total net operating cost in the first half of 2005, up from 21.8 percent in the same period a year ago, as the average price of fuel into plane increased from $46 to $65 per barrel, Cathay Pacific said.
   Revenue increased 21.5 percent to HK$23.8 billion ($3.07 billion), compared to HK$19.6 billion in the first half 2004.
   Cathay Pacific said it carried 517,920 tons of cargo in the first six months of the year, up 10 percent over the 469,909 tons of cargo carried in the first half of 2004.
   The airline said cargo demand out of Hong Kong remained strong with a cargo load factor of 65.9 percent. First half cargo yield was HK$1.75 (22 cents) up from HK$1.72 in the same period last year.