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10 Cathay Pacific Airways Limited Annual Report 2003
Review of Operations
Turnover
HK$ million
0302010099
0
2,000
4,000
6,000
8,000
10,000
12,000
Cathay Pacific
AHK
Capacity – cargo and mail ATK
Million tonne
kilometres
0302010099
3,000
4,000
5,000
6,000
7, 000
8,000
9,000
Cathay Pacific
AHK
Cargo services
2003 was a good year for cargo, both in terms of revenue and freight tonnage.
Growth was driven by demand for goods exported through Hong Kong, in particular
to markets in Europe, Japan and the United States. Cargo revenue contributed 33.5%
to the Group turnover.
Cathay Pacific Airways Limited
•Cathay Pacific operates a fleet of five B747-400
and six B747-200 freighters to 25 destinations
worldwide. Freight is also carried in the belly
holds of our passenger aircraft.
•During 2003, 874,724 tonnes of freight was
carried, setting a new annual record. Cargo
ATKs grew by 13.1%, due mainly to the
integration of AHK’s European operations. Load
factor for the year dropped to 68.7%.
ATK (million) Load factor (%) Yield
2003 2002 Change 2003 2002 Change Change
Cathay Pacific 7,715 6,822 +13.1% 68.7 71.2 -2.5%pt -1.1%
AHK 176 585 -69.9% 56.9 69.1 -12.2%pt +218.1%
•Revenue in 2003 grew by 7.5% due to a strong
growth in exports from Hong Kong to Europe,
the United States and Asian destinations.
•The war in the Middle East had no effect on
cargo operations. However, SARS caused a
significant reduction in the Company’s
passenger schedule, resulting in a reduction
in cargo capacity of 15% during the affected
period. A previously parked B747-200 freighter
was reactivated in May.