Cathay Pacific 2004 Annual Report Download - page 15

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Review of Operations Cargo Services
It was a record year for cargo tonnage and revenue. Hong Kong continues
to play an important role as the gateway to the Pearl River Delta, with demand
on trunk services to Europe, Japan and the United States remaining strong.
The launch of freighter services to Shanghai in January 2005 was another positive
step forward in the Mainland market. AHK now operates a fleet of five A300-600
aircraft, and has confirmed orders for three more, enabling it to develop Hong Kong
as an express cargo hub. Cargo yield decreased 1.1% to HK$1.76.
TURNOVER CAPACITY – CARGO AND MAIL ATK
– During 2004, we carried 972,416 tonnes of
freight, setting a new annual record. Cargo ATKs
grew by 13.4% while load factor for the year
remained at 68.7%.
– Cargo revenue grew by 12.0% to HK$10,549
million, a new record.
– The adverse effect of higher fuel prices was
partially relieved by cargo fuel surcharges.
– A thrice weekly freighter service was launched
to Munich, strengthening our European operations.
– Freighter services to Shanghai commenced in
January 2005.
ATK (million) Load factor (%) Yield
2004 2003 Change 2004 2003 Change Change
Cathay Pacific 8,748 7,715 +13.4% 68.7 68.7 – -1.1%
– At the end of 2004 we operated a fleet of five
B747-400 and seven B747-200 freighter aircraft
following the return of one leased B747-200
from AHK.
– Three additional wet-leased B747-200 freighters
provided additional capacity.
– A new B747-400 freighter was delivered
in February 2005.
– We are the world’s first airline to take part in the
new B747-400 passenger-to-freighter conversion
programme and have so far committed to convert
six aircraft with options to convert six more.
The first conversion will be completed this year.
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Cathay Pacific Airways Limited 2004 Annual Report 11