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Cathay Pacific Airways Limited Annual Report 2011 29
Financial Review
Cathay Pacific and Dragonair operating results analysis
2011
HK$M
2010
HK$M
Airlines’ operating profit before non-recurring items and tax 4,025 9,424
Profit on disposal of Hactl and HAECO shares –2,165
Gain on deemed disposal of Air China shares –868
Airlines’ profit before tax 4,025 12,457
Tax charge (609) (1,347)
Airlines’ profit after tax 3,416 11,110
Share of profits from subsidiaries and associates 2,085 2,938
Profit attributable to owners of Cathay Pacific 5,501 14,048
The change in the airlines’ operating profit before non-recurring items and tax can be analysed as follows:
HK$M
2010 airlines’ operating profit before
non-recurring items and tax 9,424
Passenger and cargo turnover 8,032 Passenger
– Increased HK$5,412 million due to a 9.2% increase in
capacity.
– A 3.0% points decrease in load factor contributed to a
decrease of HK$2,352 million.
– HK$5,364 million of the increase arose from an 8.7% increase
in yield partly due to an increase in fuel surcharges.
Cargo
– Increased HK$1,630 million due to a 6.9% increase in
capacity.
– An 8.5% points decrease in load factor contributed to a
decrease of HK$2,860 million.
– HK$838 million of the increase arose from a 3.9% increase in
yield partly due to an increase in fuel surcharges.
Fuel (10,356) – Fuel costs increased due to a 37.7% increase in the average
into-plane fuel price to US$129 per barrel and a 4.4% increase
in consumption to 39.5 million barrels.
Others (3,075)
2011 airlines’ operating profit before
non-recurring items and tax 4,025