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Old January 15th, 2008, 02:11 PM   #1061
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Press Release

Boost for Hong Kong hub as Cathay Pacific strengthens services to India
15 January 2008



Cathay Pacific Airways today announced that it will significantly enhance its schedule to India beginning 29 February, with more flights added to its existing services to Delhi and Mumbai and the launch of a new destination, Chennai.

The enhanced services - a total of 20 new flights a week by early June - to one of the world’s fastest-growing economies will serve to further boost Hong Kong's position as a leading international aviation hub.

Cathay Pacific Chief Executive Tony Tyler said: "We are very excited indeed about being able to boost our services to India - something we have been striving to do for decades. With our home in Hong Kong, Cathay Pacific is ideally positioned to act as the natural carrier of choice for passengers travelling to and from one of the world's fastest growing markets, India. The opportunities for Hong Kong as a leading international aviation hub are very clear."

Cathay Pacific's services to Mumbai and Delhi will both become a daily operation from 29 February with the addition of three more flights a week to each city. The extra flights to Mumbai will continue on to Dubai.

From the beginning of the summer schedule on 30 March, the airline will add a further three flights a week to Mumbai, taking the number of flights to the city to 10 a week. At the same time, another daily flight will be added to Delhi, making a total of 14 flights a week. And on 1 June Cathay Pacific will add Chennai, India's fourth-largest metropolitan city, to its network with four flights a week.

Details of the flight numbers and schedules for the services are still being finalised and will be published in due course.

Cathay Pacific began flying to India 25 years ago, launching a passenger service to Mumbai in January 1982. Delhi was added as a passenger destination in March 2001 and the airline also operates scheduled freighter flights to Mumbai, Delhi and Chennai.

In addition to the Cathay Pacific India enhancements, sister airline Dragonair will launch a daily flight to Bangalore, the country's information technology hub, on 1 May, using an A330-300 aircraft.
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Old January 21st, 2008, 04:48 PM   #1062
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Cathay ready to benefit if partner bids for Eastern
Hong Kong Standard
Thursday, January 17, 2008

Cathay Pacific (0293) said it will support its strategic partner Air China (0753) in any possible bid for China Eastern Airlines (0670).
"We're happy to support any proposal Air China may make. They are very much in the driver's seat, as long as the proposal is good for Cathay Pacific shareholders," chief executive Tony Tyler said yesterday in an interview with Bloomberg Television.

A tie-up between Air China and China Eastern would add a base in Shanghai for Air China. "Shanghai is a very important place on the map of air travel," said Tyler. It would see a lot of traffic growth.

Tyler said rising fuel prices and the slowing US economy would slow passenger traffic volume, but demand remained relatively strong. This year Cathay Pacific and other carriers were "facing more difficult times." But he added: "If you have to be anywhere in the world in 2008, I think Hong Kong and Greater China is a good place to be."

In preparation for higher fuel prices, Tyler said Cathay Pacific has hedged about 30 percent of its future fuel needs.

Cathay Pacific and Hong Kong Dragon Airlines are this week adding 27 flights to India each week.
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Old January 24th, 2008, 08:40 AM   #1063
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Quote:
Originally Posted by dicksonlai View Post
Press Release

Boost for Hong Kong hub as Cathay Pacific strengthens services to India
15 January 2008



Cathay Pacific Airways today announced that it will significantly enhance its schedule to India beginning 29 February, with more flights added to its existing services to Delhi and Mumbai and the launch of a new destination, Chennai.

The enhanced services - a total of 20 new flights a week by early June - to one of the world’s fastest-growing economies will serve to further boost Hong Kong's position as a leading international aviation hub.

Cathay Pacific Chief Executive Tony Tyler said: "We are very excited indeed about being able to boost our services to India - something we have been striving to do for decades. With our home in Hong Kong, Cathay Pacific is ideally positioned to act as the natural carrier of choice for passengers travelling to and from one of the world's fastest growing markets, India. The opportunities for Hong Kong as a leading international aviation hub are very clear."

Cathay Pacific's services to Mumbai and Delhi will both become a daily operation from 29 February with the addition of three more flights a week to each city. The extra flights to Mumbai will continue on to Dubai.

From the beginning of the summer schedule on 30 March, the airline will add a further three flights a week to Mumbai, taking the number of flights to the city to 10 a week. At the same time, another daily flight will be added to Delhi, making a total of 14 flights a week. And on 1 June Cathay Pacific will add Chennai, India's fourth-largest metropolitan city, to its network with four flights a week.

Details of the flight numbers and schedules for the services are still being finalised and will be published in due course.

Cathay Pacific began flying to India 25 years ago, launching a passenger service to Mumbai in January 1982. Delhi was added as a passenger destination in March 2001 and the airline also operates scheduled freighter flights to Mumbai, Delhi and Chennai.

In addition to the Cathay Pacific India enhancements, sister airline Dragonair will launch a daily flight to Bangalore, the country's information technology hub, on 1 May, using an A330-300 aircraft.
that's a huge increase to connect with India. Great news for traffic between China - India, and US west coast - India.
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Old January 24th, 2008, 04:50 PM   #1064
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That's good news for Hong Kong. I always thought the HK-India sector was seriously underserved.

I mean, given that quite a number of Indians fly SQ to go to the US West Coast, you'd think that with HK's strategic location, compared with Singapore's, there'd be more traffic between India and USA via HK.

On another note,

could someone explain to me why Cathay cannot open a hub, for example, Shanghai, in Mainland China since it is technically a Chinese airline?

Last edited by ddes; January 24th, 2008 at 04:58 PM.
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Old January 24th, 2008, 05:00 PM   #1065
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Quote:
Originally Posted by ddes View Post
That's good news for Hong Kong. I always thought the HK-India sector was seriously underserved.

I mean, given that quite a number of Indians fly SQ to go to the US West Coast, you'd think that with HK's strategic location, compared with Singapore's, there'd be more traffic between India and USA via HK.
The issue isn't demand, but capacity constraints. That's why a new aviation pact was needed. It's quite well-known that current services between Hong Kong and India are inadequate to meet demand. The new services pact and subsequent significant expansion show how much more capacity is needed.

The problem was until now they couldn't increase flights due to capacity constraints.
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Old January 26th, 2008, 05:47 PM   #1066
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HK Gov't Gazette for Cathay Pacific's Route Application:

To and From HK to Guiyang, China

To and From HK to Cities in Vietnam, India and Europe
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Old February 1st, 2008, 01:38 PM   #1067
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Cathay Pacific Press Release About a Painted 777-300ER:
Cathay Pacific highlights commitment to Hong Kong with new 'Asia's world city' aircraft
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Old February 2nd, 2008, 06:46 PM   #1068
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By michaelchow810 from HKADB :





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Old February 6th, 2008, 07:00 PM   #1069
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Old February 11th, 2008, 02:49 PM   #1070
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Hong Kong-listed Cathay Pacific to resume Colombo flights on March 30

Hong Kong-listed Cathay Pacific to resume Colombo flights on March 30
February 11, 2008: 04:33 AM EST

Feb. 11, 2008 (Thomson Financial delivered by Newstex) --

HONG KONG (XFN-ASIA) - Cathay Pacific Airways said it will resume passenger services between Hong Kong and Colombo, Sri Lanka's capital city, on March 30.

It said it will operate a daily service, using a Boeing (NYSE:BA) 777-300 aircraft routed through either Bangkok or Singapore.

The airline suspended its operations to Colombo in April last year due to security concerns.

Augustus Tang, Cathay director for corporate development, said the airline did a thorough audit before deciding on the resumption of services to Sri Lanka.

He said the airline is confident that new security measures in place at Colombo's airport meet its safety requirements.
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Old February 13th, 2008, 05:42 PM   #1071
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Press Release - Cathay Pacific and Finnair to cooperate on services

13 February 2008

Cathay Pacific and oneworld alliance partner Finnair today announced a new code-share arrangement that will see the two airlines cooperate on flights between Helsinki and three key European hubs. The agreement also sees the airlines sharing codes on flights between Hong Kong and Australia.

From 1 March the Cathay Pacific "CX" code will be placed on Finnair flights between its Helsinki hub and three Cathay Pacific destinations in Europe - Amsterdam, Frankfurt and London - enabling seamless travel for passengers flying from Hong Kong to Helsinki through any of these destinations.

The code-share arrangement will also see Finnair’s "AY" code placed on Cathay Pacific flights from Hong Kong to and from three Australian cities - Sydney, Melbourne and Perth. Finnair passengers can enjoy seamless connections from Helsinki to Australia, flying to Hong Kong on Finnair’s four-times-weekly service. This will increase to a daily operation from 26 April.

Cathay Pacific Director Sales & Marketing James Barrington said: "This new agreement with Finnair will provide greater convenience for those travelling between Hong Kong and Helsinki, and for passengers flying between Finland and Australia. We are pleased to announce yet another code-share arrangement with a oneworld partner that highlights the benefits of being part of the world’s leading global airline alliance."

Cathay Pacific now code-shares to a total of 39 destinations with four full member airlines of oneworld: American Airlines, British Airways, Finnair and Iberia. Cathay Pacific also has code-shares in place to a total of 15 destinations operated by its sister airline Dragonair, an associate member of oneworld.
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Old February 14th, 2008, 12:26 PM   #1072
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Cathay Pacific Airways Jan Passengers Up 18% To 2.04 Mln
14 February 2008

HONG KONG (Dow Jones)-- Cathay Pacific Airways Ltd. (0293.HK) said Thursday its January passenger traffic rose 18% from a year earlier on strong travel demand and increased capacity.

The Hong Kong-based carrier and its regional unit, Hong Kong Dragon Airlines Ltd., carried 2.04 million passengers during the month.

Cargo tonnage rose 9% to 136,614 metric tons.

The company's statement didn't provide year-earlier figures.

The airline group's passenger load factor - or the proportion of seats filled - rose 5.3 percentage points from a year earlier to 82.3%, representing a strong rise in demand.

During the month, Cathay Pacific's total passenger capacity rose 10.2% from a year earlier, while its total passenger revenue jumped 18%.
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Old February 18th, 2008, 03:40 AM   #1073
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Cathay raises stake in Air China
16 February 2008
South China Morning Post

Cathay Pacific Airways has increased its stake in Air China to 18.1 per cent from 17.5 per cent to maintain its holdings level in the Beijing-based carrier, which may issue new shares to fund aircraft purchases.

Cathay bought 15 million Air China H shares on February 6 for HK$114 million, according to filings with the Hong Kong stock exchange.

In an interview with the Financial Times published on Monday, Cathay chief executive Tony Tyler said that Hong Kong's flagship would not wish to see any dilution of its 17.5 per cent cross-shareholding with Air China if the latter were to issue shares to buy a stake in rival China Eastern Airlines.

The tussle between China National Aviation Corp, Air China's parent, and Singapore Airlines over acquiring a stake in China Eastern still is outstanding.

A transport analyst said, however, that it was too far-fetched to draw a conclusion that Air China was about to raise fund from the market for the acquisition.

Instead, it is more likely that the carrier raises funds to finance additions to its fleet. The company has a general mandate that shareholders granted last year to issue not more 20 per cent of existing shares to raise fund for that purpose. It has yet to exercise the right in the light of poor sentiment in the A-share market.

On January 15, CNAC tendered a proposal to acquire not more than 30 per cent of China Eastern for at least HK$5 a share, thus foiling Singapore Airlines' courtship of the Shanghai-based carrier.

"We have yet to conclude anything from the proposal as we are too busy handling matters after the snowstorms and travels at the close of the Lunar New Year break," said a China Eastern spokesman.

Separately, Air China said restrictions on shares sold to its strategic shareholders would expire on Monday. Some 350 million A shares on the Shanghai Stock Exchange held by seven companies, including Sinotrans and PICC Property and Casualty will be tradable.
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Old February 27th, 2008, 05:55 PM   #1074
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Cathay Pacific fires pilot for buzzing an airfield without permission
1 hour ago

HONG KONG - A Cathay Pacific Airways pilot has been fired for buzzing a U.S. airfield without permission.

The Hong Kong-based airline says the incident occurred in Washington state as the airline was taking delivery of a Boeing 777-300ER passenger jet.

The carrier - which would not identify the pilot - says it is still investigating the Jan. 30 flyby event at the Boeing plant near Seattle.

Cathay spokeswoman Carolyn Leung says the pilot was dismissed last week because he did not seek or obtain approval for the flyby, which has been done several times before at air shows with the airline's permission.

An airline statement said another pilot on the plane has also been subjected to disciplinary proceedings, but not details were disclosed.

Images of the stunt were posted on YouTube and the website of a Seattle-area plane spotter, Matt Cawby.

Hong Kong's South China Morning Post reported Sunday that the airline's chairman, Christopher Pratt, was on the plane when the pilot, Capt. Ian Wilkinson, swooped back over the Boeing plant shortly after taking off.

The 777-300ER, with a list price of $264 million, is almost 74 metres long and weighs about 317 tonnes.
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Old February 29th, 2008, 02:30 AM   #1075
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the Cathay's livery is absolutely stunning. . .
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Old February 29th, 2008, 04:51 PM   #1076
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HK's Cathay Pacific to post record 2007 profit growth on high passenger yields

February 29, 2008: 07:38 AM EST

HONG KONG, Feb. 29, 2008 (Thomson Financial delivered by Newstex) -- Hong Kong's leading airline Cathay Pacific Airways is expected to post strong earnings growth for 2007 driven by high passenger traffic and yields.

Cathay's net income is likely to have increased 43.1 percent to 5.85 billion Hong Kong dollars from 4.09 billion last year, according to a poll of analysts by Thomson Financial.

The company will announce its earnings on March 5.

'Higher passenger yields from price increases, fuel surcharges and new products mean we expect the company to report a record net income for the year,' Paul Dewberry, a Merrill Lynch (NYSE:MER) (OOTC:MERIZ) analyst, said in a research note.

Merrill Lynch is expecting 45 percent growth in Cathay's 2007 profit to 5.94 billion dollars.

The airline's consolidated traffic increased by 12.1 percent last year. Passenger yield or revenue per passenger rose 12 percent, said Merrill Lynch
The yield, excluding fuel surcharges and data from Dragonair, was up 10.9 percent at 51 cents, Cathay's highest in 10 years, said Nomura International.

Dragonair is a subsidiary of Cathay Pacific which concentrates on the Chinese market.

In addition to the heavy traffic and high yields, Cathay's earnings will also be helped by the 17.5 percent stake it owns in China's largest international carrier Air China. Merrill Lynch expects the contribution from Air China to reach up to 600 million Hong Kong dollars.

Cathay, which along with Swire Pacific holds major interests in Hong Kong Aircraft Engineering Co Ltd (HAECO), will also also benefit from the aircraft maintenance company's performance.

Operating profit is expected to go up by 34 percent to 7 billion dollars, according to Thomson Financial's poll, as oil prices and jet fuel prices remained relatively benign through 2007, averaging 84 US dollars a barrel compared 80 dollars in 2006.

However, oil prices flared in the fourth quarter of 2007 to over 100 US dollars a barrel, dampening the profit outlook for 2008.

Earnings per share is expected to come in at 1.49 dollars against 1.16 dollars in 2006.

Cathay is likely to announce a dividend of 73 cents per share compared to 84 cents in the previous year, according to the analysts polled by Thomson Financial.

Cathay reported 55 percent growth in net profit to 2.58 billion dollars in the first half of 2007. Profits were helped by higher average passenger prices, especially on long-haul flights to North America and Europe, which helped offset a decline in cargo demand and fuel price increases.

Bearish outlook
Despite a robust performance in 2007, most analysts have a taken a bearish view of Cathay's prospects in the current year.

'We think passenger yield has peaked in 2007 and jet fuel prices will remain high for 2008,' said Chin Y Lim, an analyst with Morgan Stanley. (NYSE:MS)

Morgan has cut its target price on Cathay to 15 dollars from 20.25, and Lim expects other analysts to follow suit after the airline announces its earnings next week.

Global air traffic was 4.3 percent higher in January 2008 as compared with a 7.6 percent growth in 2007. The slowdown was led by transatlantic premium travellers and transpacific cargo from the US.

'We see Cathay Pacific as one of the most exposed to a downturn, given its focus on the long-haul, premium and air cargo markets, which are our main areas of concern,' said Merrill Lynch's Dewberry.

Dewberry expects Cathay's net profit to fall 20 percent in 2008 given the weakening macro economic environment, with the US and Japan heading towards a likely recession and Europe slowing down.

In addition to the reduced demand, Cathay is also faced with increased competition from the low-cost carrier Oasis Hong Kong Airlines as well fast-growing Middle-East based airlines like Emirates, Qatar Airways and Etihad Airways.

Direct air link
Cathay will also be handed another blow if a direct air link is established between China and Taiwan following the presidential elections in Taiwan in March 2008.

At present, passengers and cargo moving between China and Taiwan have to be routed through a third destination, usually Hong Kong and Macau. Cathay accrues significant revenues from this route.

The outcome of the upcoming presidential elections in Taiwan may thaw relations between China and Taiwan and lead to stronger economic ties between the two. This, in turn, may see the establishment of a direct air link between the two countries.

'With an estimated 60 percent of all passengers on the Hong Kong-Taiwan route being pure transit passengers, direct links between China and Taiwan, eliminating the need to transit via Hong Kong, would likely hurt Cathay Pacific,' said Jim Wong, an analyst with Nomura International.

Cathay may also take a hit if implicated in the ongoing investigation by the US Department of Justice and European Union Commission into claims of cargo fuel surcharge price fixing.

Credit Suisse has lowered its passenger traffic growth estimate for Cathay by 1 percent. It also expect's the airline's passenger yield to decline 2 percent in 2008, reflecting weaker travel demand. Cargo yield decline is seen at 2 percent in 2008.

'We estimate that every one percent decline in overall traffic or yield would cut Cathay's 2008 profit by 10-11 percent, while every 1 US dollar a barrel increase in fuel will reduce FY09 profit by 1 percent,' said Credit Suisse analyst Cusson Leung.

The brokerage has cut its 2008-09 earnings forecast for Cathay by 29 percent.

Shares in Cathay Pacific closed Friday 28 cents or 1.7 percent lower at 16.24 dollars. The stock has given up more than 20 percent since the end of 2007 and nearly 29 percent from its November 1 record of 23 dollars.
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Old February 29th, 2008, 08:13 PM   #1077
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Involve airlines in feasibility study for third HKIA runway, says Cathay Pacific Chief Executive
Wednesday, February 27, 2008

Cathay Pacific Chief Executive Tony Tyler stressed a need for airlines to be involved in the feasibility study for a third runway at Hong Kong International Airport (HKIA). Speaking at the "Greener Skies" conference in Hong Kong, Mr Tyler said that airlines know as much, if not more, than anyone about airports and "we should be a key player in the debate".

Mr Tyler said that Hong Kong is by far the most successful and efficient hub in a rapidly-expanding aviation enclave in the Pearl River Delta, where five airports operate. While there was an understanding of the need to support the coordination of the future development of aviation services in the delta region, he stressed this should not happen at the expense of the Hong Kong hub.

HKIA, he said, is already heavily slot-constrained for most of the day and moves to increase movements through the use of new air-traffic control equipment will only delay the day when Hong Kong's airport becomes fully slot constrained. That, said Mr Tyler, would mean HKIA becoming sidelined as other regional hubs predominate.

"Hubs like Guangzhou and Shanghai are planning third, fourth and even fifth runways: Hong Kong faces the very real danger of gifting our competitive advantage away unless we move quickly and decisively on the third runway," Mr Tyler said. "The success of the Hong Kong hub is critical to the long-term health of the Hong Kong economy. Strangle the hub and you'll squeeze a good deal of life out of the Hong Kong economy as well."

Commenting on plans to develop a rail link between Hong Kong International Airport and Shenzhen Airport, Mr Tyler said that while a this could address some of Hong Kong's needs, it would at best be complementary to a third runway at HKIA.

"Why would travellers want to come to Hong Kong and get on a train into the Mainland to pick up another flight when they can do it at HKIA as they do now? The rail link certainly would not be a substitute for that third runway," Mr Tyler stated.

In his speech at the "Greener Skies" conference – organised to enable Asia Pacific airlines to form a coordinated response to the current environmental debate – Mr Tyler addressed a number of areas relating to aviation's contribution to carbon dioxide emissions and highlighted the work that's being done by airlines, including Cathay Pacific, to limit their impact on the environment.

On an issue of great concern to the aviation industry – the European Union's plans for an emissions trading scheme – he said that Cathay Pacific supports the industry position on emissions trading and believes a "cap and trade" approach is the way forward.

"But we couldn't agree more with the industry in robustly opposing the extra-territorial notion that airlines entering EU air space should be charged for their emissions from the moment they turn over their engines at the point of departure," Mr Tyler said. "That proposal simply defies logic and any sense of fair play. It is surely right that we need a global scheme to which we can all sign up, and not have the EU imposing its solutions on the rest of the world," Mr Tyler said.

The Chief Executive recapped the work being done at Cathay Pacific on a number of fronts to minimise the environmental consequences of its operations including engaging stakeholders through its corporate social responsibility commitment, addressing inefficiencies in air traffic management and enhancing the fuel efficiency of its fleet.

Cathay Pacific also became the first Asian airline to introduce a carbon offset scheme in December last year. Through the "FLY greener" programme, the airline – along with its sister carrier Dragonair – enables passengers to offset their travel using either cash or Asia Miles, with the offsets used to fund a wind farm project near Shanghai.
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Old March 2nd, 2008, 05:15 AM   #1078
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Old March 3rd, 2008, 07:47 AM   #1079
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Cathay profit to soar in `last hurrah'
Hong Kong Standard
Monday, March 03, 2008

Cathay Pacific Airways (0293) is likely to have its "last hurrah," as Merrill Lynch puts it, as analysts expect the airline to report a record profit for last year. But as demand for air travel becomes sluggish amid a global economic slowdown, they expect Cathay's earnings to drop sharply.

Majority stakeholder Swire Pacific (0019) might also be unable to escape the air travel slowdown, its worries compounded by a struggle to maintain office rental growth.

Net earnings for Cathay last year - to be announced on Wednesday - are expected to have increased 43.1 percent to HK$5.85 billion, according to a Thomson Financial mean estimate.

Passenger yield last year rose 12 percent as full figures from Dragonair - which Cathay bought in September 2006 - are recorded, offsetting a 4.7 percent drop in cargo yield.

Morgan Stanley expects Cathay's profits to fall more than a quarter to HK$4.27 billion in 2008, while Merrill predicts earnings to go down 20 percent to HK$4.76 billion. One reason for the pessimistic view is high oil prices, which surged to a record US$103.05 (HK$803.79) a barrel on Friday.

Morgan Stanley expects long-haul seats on Asian airlines to increase by 8 and 9 percent in 2008 and 2009 respectively, up from 5 percent last year.

Merrill said Cathay's fleet expansion to boost seating capacity by 11 percent and freight capacity 15 percent may be "coming one year too late."

Cathay's results are expected to push Swire's 2007 profit 26.2 percent to HK$11 billion, according to a Thomson Financial consensus.
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Old March 3rd, 2008, 06:20 PM   #1080
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