Cathay Pacific 2013 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2013 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 52

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52

Cathay Pacific Airways Limited Interim Report 201314
2013 Interim Review
Air China Cargo Co., Ltd. (“Air China Cargo”)
• Air China Cargo, in which Cathay Pacific
owns an equity and an economic interest,
is the leading provider of cargo services in
MainlandChina.
• The Group recorded a decrease in loss from Air
China Cargo’s results in the first half of 2013.
This was mainly due to a decrease in fuel costs.
• At 30th June 2013, Air China Cargo operated a
fleet of eight freighters. It operates scheduled
freighter services to eight countries and regions.
It flies to six cities in Mainland China and 11
cities outside Mainland China. Taking account
of its right to carry cargo in the bellies of Air
China’s passenger aircraft, Air China Cargo has
connections with a total of 148 destinations.
• In March 2013, as part of a package of
transactions among the Group, The Boeing
Company, Air China and Air China Cargo, Air
China Cargo agreed to purchase eight Boeing
777-200F freighters and to sell seven Boeing
747-400BCF converted freighters.
HAECO ITM Limited (“HAECO ITM”)
• HAECO ITM, in which Cathay Pacific has a
30% interest, offers aircraft inventory technical
management services to Cathay Pacific and
other airlines.
• At 30th June 2013, HAECO ITM provided
inventory technical management services to
213aircraft.
• HAECO ITM’s financial results for the first half of
2013 were satisfactory.
Shanghai International Airport Services Co.,
Limited (“SIAS”)
• SIAS is a joint venture between Shanghai
Airport Authority (10%), Shanghai International
Airport Co. Ltd. (41%), HAS (25%) and Air
China (24%). SIAS started to provide airport
ground handling services at Shanghai Pudong
International Airport and Shanghai Hongqiao
International Airport in December 2012.
• SIAS provides services to 13 domestic airlines
(including three airlines operating private jets)
and three international airlines at Hongqiao. At
Pudong, SIAS provides services to 12 domestic
airlines (including three airlines operating
private jets) and 20 international airlines.
• The financial results of SIAS for the first
half of 2013 were not as good as expected,
principally because fewer flights were serviced
thanexpected.