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26 Cathay Pacific Airways Limited Annual Report 2008
Financial Review
The change from an underlying profit to an underlying loss can be analysed as follows:
HK$M
2007 underlying profit 6,773
Passenger and cargo turnover 11,366 Passenger
– Increased HK$6,272 million due to 12.7% increase in capacity.
– 1.0% point decrease in load factor contributed to a decrease of
HK$714 million.
– HK$2,968 million increase with 5.3% increase in yield.
Cargo
– Increased HK$136 million due to 0.7% increase in capacity.
– 0.8% point decrease in load factor contributed to a decrease of
HK$268 million.
– HK$2,430 million increase with 12.4% increase in yield.
– HK$542 million increase from AHK.
Catering, recoveries and
other services
(146)
Staff (286) – Increased due to a rise in the average number of staff partly
offset by a lower bonus.
Inflight service and
passenger expenses
(433) – More expenditure due to a 7.3% increase in passenger numbers.
Landing, parking and
route expenses
(1,089) – Increased as a result of additional flights and strong foreign
currencies in the first half of the year.
Fuel (14,692) – Fuel costs increased due to a 44.3% increase in the average
into-plane fuel price to US$132 per barrel and a 7.0% increase in
consumption to 38.3 million barrels.
Aircraft maintenance (813) – Higher spending with fleet expansion and a provision for return
condition on planned return of operating lease aircraft.
Depreciation and
operating leases
(904) – Increased due to the new aircraft deliveries.
Net finance charges (364) – Increased as a result of additional aircraft lease obligations.
Share of profits of associates (787) – The reduction was mainly a result of a share of loss from Air China.
Taxation 779 – The tax charge decreased as a result of the loss this year.
Others 57
2008 underlying loss (539)