Cathay Pacific Group has reported annual profits nearly a third higher for 2010 to HK$14.04 billion ($1.8 billion) from a HK$4.69 billion in 2009 on a 33.7% rise in revenue to HK$89.52 billion. Full-year operating expenses climbed 28% to HK$78.47 billion. CX and subsidiary Dragonair carried a combined 26.7 million passengers in 2010, up 9.1% on 2009. Capacity rose 9.9% to 24.46 billion ATKs and load factor was 83.4%, up 2.9 points. Passenger yield was up 19.8% to HK$0.612. Freight carried by CX and Dragonair was up 18.1% to 1.8 million tones as cargo capacity rose 15.2%. The group’s full-year cargo revenue increased 50.1% to HK$25.9 billion. During the year, CX brought back into service freighters that had been parked.
Chairman Christopher Pratt said in a statement, “The rapid turnaround in our business from the lows of 2008 and much of 2009 to the record highs of 2010 is very welcome. It is also indicative of the volatile nature of our business. We cannot afford to be complacent. Our results would be adversely affected, and very quickly so, by a return to recessionary economic conditions. Demand is at present expected to remain strong in 2011, but this expectation could be undermined if the current (or any higher) level of oil prices were to reduce global economic activity.”