Cathay Pacific 2001 Annual Report Download - page 14

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12 Cathay Pacific Airways Limited Annual Report 2001
REVIEW OF OPERATIONS
컄The airline reported a lower profit compared with
the previous year due to a softening of the air
cargo market and a reduction in demand for
passenger travel in the fourth quarter.
컄During 2001 Dragonair took delivery of 2 A330-
300s and 2 B747-300 freighters. 1 of the A330-
HONG KONG AIRCRAFT
ENGINEERING COMPANY
LIMITED (“HAECO”)
컄HAECO, in which Cathay Pacific holds a 27%
interest, provides aircraft maintenance and
overhaul services at Hong Kong International
Airport.
컄The company achieved a profit after tax of
HK$312 million, 22% lower than in the previous
year. The decrease was mainly due to the profit
arising on the sale of properties and interests
in joint ventures in 2000 not being repeated
in 2001.
컄While line maintenance revenues increased in
line with the increased number of flights into
Number as at
31st December 2001 Expiry of
Leased Firm orders operating leases
Aircraft type Finance Operating Total ‘02 ‘03 ‘04 & beyond Total ‘02 ‘03 ‘04 ‘05 & beyond
A320 25 7(a) 1(b) 3441
A321 331(b) 233
A330 34 72212 1
B747-300F 22
Total 712 19 42 3 9164 1
(a)
1 A320 was returned from a lessee in March 2001.
(b)
Aircraft will be on operating leases.
컄Fleet profile as at 31st December 2001:
300s was on an operating lease. At the end of
2001, the airline was operating a fleet of 19
aircraft.
컄Dragonair is well positioned to meet the future
opportunities that will arise from the accession
of China to the World Trade Organisation.
Hong Kong, margins remained under pressure.
Heavy airframe maintenance and modification
activity in the hangar remained high.
컄Taikoo (Xiamen) Aircraft Engineering Company
Limited, 49% owned by HAECO and 9%
owned by Cathay Pacific had a profitable year,
with high usage of its hangar facilities. A third
hangar is currently being built, with completion
expected in 2003, which will increase capacity
by 50%.
컄Hong Kong Aero Engine Services Limited,
HAECO’s joint venture with Rolls-Royce plc and
SIA Engineering Pte Limited, continued to
achieve good results with high workloads.