Cathay Pacific 2014 Annual Report Download - page 29

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ANNUAL REPORT 2014
27
Cathay Pacific and Dragonair operating results analysis
2014
HK$M
2013
HK$M
Airlines’ profit before taxation 2,409 2,375
Taxation (563) (536)
Airlines’ profit after taxation 1,846 1,839
Share of profits from subsidiaries and associates 1,304 781
Profit attributable to the shareholders of Cathay Pacific 3,150 2,620
The changes in the airlines’ profit before taxation can be analysed as follows:
HK$M
2013 airlines’ profit before taxation 2,375
Increase/(decrease) of turnover 5,606 – Passenger turnover increased due to a 1.1% point increase in load
factor and a 5.9% increase in capacity, offset in part by a 1.8%
decrease in yield.
– Cargo turnover increased due to a 2.5% point increase in load
factor and a 10.4% increase in capacity, offset in part by a 5.6%
decrease in yield.
Decrease/(increase) of:
– Fuel, net of hedging (losses)/gains (2,209) – Fuel costs increased due to a 5.6% increase in consumption. The
average into-plane fuel price decreased by 4.7%, which was partially
offset by hedging losses.
– Aircraft maintenance 441 – Decreased mainly due to the retirement of older aircraft, resulting in
a reduction in maintenance costs.
– Depreciation, amortisation and
operating leases
(1,017) – Increased mainly due to the accelerated retirement of Airbus
A340-300 aircraft and the addition of new aircraft.
– Staff (978) – Increased mainly due to increases in headcount and salaries.
– Inflight service, landing and parking,
commissions, net finance charges
and others
(1,809) – Increased due to an increase in various operating expenses and in
the provision for impairment of fixed assets.
2014 airlines’ profit before taxation 2,409
Financial Review