Cathay Pacific 2011 Annual Report Download - page 22

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20
Capacity – cargo and mail ATK
HK$ million
0
10,000
5,000
15,000
20,000
25,000
30,000
2007 2008 2009 2010 2011
Turnover
Million tonne
kilometres
0
4,000
6,000
2,000
8,000
10,000
12,000
16,000
14,000
2007 2008 2009 2010 2011
Cathay Pacific and Dragonair’s cargo revenue decreased by 1.7% to HK$23,335
million. 2010’s strong growth in the world’s air cargo markets continued in the first
quarter of 2011. Our business in that quarter was solid. However, from April
onwards shipments from our two principal markets, Hong Kong and Mainland
China, weakened significantly. This weakness continued for the rest of 2011.
The normal increase in shipments in the late autumn did not occur. The tonnage
carried by Cathay Pacific and Dragonair in 2011 fell by 8.6% to 1.6 million tonnes by
comparison with 2010. We operated at full capacity at the beginning of the year.
Capacity was subsequently reduced as demand fell. Total capacity for the year rose
by 6.9% compared to 2010. The load factor fell by 8.5 percentage points to 67.2%.
Cargo yield increased by 3.9% to HK$2.42. The weakness in the air cargo market is
continuing in the first half of 2012.
Review of Operations CARGO SERVICES ASIA MILES