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16 Cathay Pacific Airways Limited Annual Report 2003
Financial Review
Revenue and breakeven load factor
%
50
55
60
65
70
75
80
0302010099
Revenue load factor
Breakeven load factor
•First and business class revenues reduced
by 13.4% and the front end load factor
decreased from 58.9% to 57.6%. Economy
class revenue also decreased by 18.2% and
the economy class load factor dropped from
81.8% to 75.0%.
•Cathay Pacific’s cargo turnover increased by
7.5% to HK$9,417 million. The improvement
represents the continued growth in exports
from Hong Kong and additional traffic
following the integration of AHK’s European
operations.
•Cathay Pacific’s cargo load factor decreased
by 2.5 percentage points to 68.7% whilst
capacity increased by 13.1%. Cargo yield also
declined by 1.1% to HK$1.78.
•The reduction in Cathay Pacific’s turnover can
be analysed as follows:
HK$M
-6.0% Passenger capacity (1,330)
+13.1% Cargo and mail capacity 1,147
-5.6%pt Passenger load factor (1,522)
-2.5%pt Cargo and mail load factor (345)
-4.6% Passenger yield (861)
-1.1% Cargo and mail yield (143)
(3,054)
•Revenue load factor decreased by 4.8
percentage points to 71.1% while the
breakeven load factor rose by 1.7 percentage
points to 67.4%.
•The annualised revenue effect on changes in
yield and load factor is set out below:
HK$M
+1 percentage point in passenger
load factor 257
+1 percentage point in cargo and
mail load factor 137
+HK¢1 in passenger yield 428
+HK¢1 in cargo and mail yield 53