Cathay Pacific 2009 Annual Report Download - page 29

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Financial Review
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2005 2006 2007 2008 2009
Cathay Pacific and Dragonair:
revenue and breakeven load factor*
Revenue load factor
Breakeven load factor
* Includes Dragonair from 1st October 2006.
Cathay Pacific and Dragonair
Passenger turnover decreased significantly, by
20.8% to HK$45,920 million, as a result of the
economic downturn. The number of passengers
carried decreased by 1.6% to 24.6 million and
revenue passenger kilometres decreased by 1.7%.
Despite a 3.7% reduction in capacity, the passenger
load factor increased by 1.7 percentage points
to 80.5%.
Passenger yield decreased by 19.5% to HK¢51.1,
reflecting weak demand from premium class
passengers, competitive pressure on economy
class fares, and the strong US dollar in the first half
of the year.
First and business class revenues decreased by
27.0% and the front-end load factor decreased from
62.5% to 58.5%. Economy class revenue decreased
by 17.9% and the economy class load factor
increased from 81.6% to 84.3%.
Cargo turnover decreased by 31.6% to HK$15,341
million with a 13.1% decrease in capacity. Export
demand was very weak in the first half but
strengthened in the second half.
Fuel surcharges decreased by HK$6.8 billion as a
result of lower fuel prices.
The cargo load factor increased by 4.9 percentage
points while weak demand and intense competition
reduced the cargo yield by 26.8% to HK$1.86.
Revenue load factor increased by 2.6 percentage
points to 77.7% while the breakeven load factor
was 72.8%.
•
•
•
•
•
•
•
•
The annualised impact on revenue arising from
changes in yield and load factor is set out below:
HK$M
+ 1 percentage point in passenger
load factor 568
+ 1 percentage point in cargo and
mail load factor 217
+ HK¢1 in passenger yield 894
+ HK¢1 in cargo and mail yield 83
•
Cathay Pacific Airways Limited Annual Report 2009 27