HONG KONG: The Cathay Pacific Group reported an attributable profit of HK$3,150 million for 2014, compared to a profit of HK$2,620 million in 2013.
According to a release from Cathay Pacific, earnings per share were HK80.1 cents compared to HK66.6 cents in 2013. Turnover for the year increased by 5.5% to HK$105,991 million.
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. For the full year, passenger demand was reasonably firm, with high demand during the peak summer and Christmas periods.
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. The Group’s business benefited from lower fuel prices in the fourth quarter, but this was partially offset by fuel hedging losses.
