Cathay reports 28.8% Feb cargo growth

Cathay Pacific Airways recorded double-digit growth in cargo in February with the company’s two airlines, Cathay Pacific and Dragonair, together carrying 130,467 tonnes of cargo last month, a year-on-year increase of 28.8 per cent, though less than the 147,275 tonnes carried in January.


Cathay reports 28.8% Feb cargo growth


Cathay Pacific Airways recorded double-digit growth in cargo in February with the company’s two airlines, Cathay Pacific and Dragonair, together carrying 130,467 tonnes of cargo last month, a year-on-year increase of 28.8 per cent, though less than the 147,275 tonnes carried in January.

Mark Sutch, general manager of cargo sales and marketing, attributed the high year-on-year tonnage growth to “the overall improvement in the world’s air cargo markets compared to early 2014, along with the extra capacity added by Cathay Pacific in response to the increase in demand”.

“February’s figures were spurred by a surge in exports prior to mainland factories shutting down for the Chinese New Year holidays,” he said. “Demand fell away over the holiday period, as expected, but saw quite a rapid pick-up, particularly on the North American lanes.”

Meanwhile, the Cathay Pacific Group reported an attributable profit of HK$3.15 billion for 2014 up considerably from the HK$2.62 billion profit in 2013. In the first half of 2014 the Group’s business was affected by high fuel prices, reduced passenger yield and continued weakness and over-capacity in the air cargo market.

Business was better in the second half of the year. “After a prolonged period of weakness, cargo demand started to improve in the summer of 2014 and was strong in the fourth quarter, which is the peak period for cargo,” Cathay said.