Cathay Pacific Airways (Hong Kong) is planning to expand its fleet to over 220 aircraft in the next eight years. The carrier has 97 new aircraft on order, including Airbus A330-300s, Airbus A350-900s, Boeing 777-300 ERs and Boeing 777F freighters.
On the financial side, the Cathay Pacific Group recorded an attributable profit of HK$5,501 million for 2011. According to the group, “This compares to the profit of HK$14,048 million for 2010, which was a record year for the airline. The 2010 results included HK$3,033 million of significant non-recurring items being the profit on the sales of our shareholdings in Hong Kong Air Cargo Terminals Limited and Hong Kong Aircraft Engineering Company Limited and the gain on the deemed disposal of part of our interest in Air China. Adjusting for these items, the attributable profit in 2011 decreased by HK$5,514 million or 50.1% from 2010. Turnover for the year increased by 9.9% to HK$98,406 million. Earnings per share fell by 60.9% to HK139.8 cents.
In 2011 the core business of the Cathay Pacific Group was materially affected by instability and uncertainty in the world’s major economies. The passenger business of Cathay Pacific and Dragonair held up relatively well, mainly as a result of strong demand for premium class travel. Cargo business was adversely affected by a substantial reduction in demand for shipments from the two key export markets of Hong Kong and Mainland China.”
The Group continues to acquire new aircraft to replace older, less efficient aircraft and to increase the size of the fleet. In 2011 it took delivery of six Boeing 777-300 ERs, three Airbus A330-300s and four Boeing 747-8F freighters. Two new Airbus A320-200s joined the Dragonair fleet in February 2012. In March 2011, the company announced orders for 27 new aircraft, including two Airbus A350-900s (which had been ordered in December 2010), 15 Airbus A330-300s and 10 Boeing 777-300 ERs. In August 2011, the airline announced the acquisition of four more Boeing 777-300 ERs and eight Boeing 777F freighters. In January 2012, the purchase of six more Airbus A350-900s was announced, for delivery in 2016 and 2017 and agreed to lease two new Airbus A320-200s to be delivered later in 2012. By 2019, the Group intends to be operating one of the youngest, most fuel-efficient wide-body passenger fleets in the world.
The airline also has eight Boeing 777F freighters on order in addition to the 10 Boeing 747-8F freighter referred to above. To demonstrate its long-term confidence in Hong Kong as an air cargo hub, Cathay Pacific is building its own cargo terminal at Hong Kong International Airport. The terminal is expected to begin operations in early 2013.
The airline has continued its efforts to improve the services it provides to passengers. In March 2011, Cathay Pacific introduced its new Business Class seat and from February 2012 began installing new Premium Economy Class cabins on long-haul aircraft. The new cabins are expected to be installed in 87 aircraft by the end of 2013. New medium- and long-haul Economy Class seats were also introduced in March 2012 and are now being progressively installed on Boeing 777-300 ER and Airbus A330-300 long-haul aircraft.
Copyright Photo: Antony J. Best. The 21 remaining Boeing 747-400s will gradually be replaced with new Boeing 777-300 ERs.
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Bottom Copyright Photo: Luimer Cordero. One of the new Boeing 747-8F freighters.
