Cathay Pacific (293) announced the annual result for last year. The group revenue was up by 14.2% to HKD 111.06 billion. Net profit was HKD 2.345 billion. It recorded a HKD 1.259 billion deficit at the same period of 2017. Earnings per share was HKD 59.6 cents. Second interim dividend was HKD 0.2 per share. Revenue passenger carried increased by 1.9% to 3.5468 million. Passenger load factor was down 0.3 percentage point to 84.1%. Cargo and mail carried was up by 4.7% to 2.152 million tonnes. Cargo and mail load factor up 1 percentage point to 68.8%.

The Group reported an attributable profit of HKD 2.608 billion in the second half of last year, compared with an attributable loss of HKD 263 million in the first half of 2018. Cathay Pacific and Cathay Dragon reported an attributable profit of HKD 1.145 billion in the second half of last year, compared with an attributable loss of HKD 904 million in the first half of last year. The fuel hedging losses were decreased by 77.34% to HKD 1.445 billion, gross fuel cost was up 31% to HKD 32.424 billion and the total fuel cost was up 8.8% to HKD 33.869 billion. Fuel consumption in 2018 was 45.8 million barrels, increased by 1.6% compared to 2017.

John Slosar, chairman of Cathay Pacific mentioned on the result statement that the business environment is expected to remain challenging in 2019, with the forecast strength of the US dollar and uncertainty due to geopolitical discord and global trade tensions dampening passenger and cargo demand. In 2019, the group will continue to reorganize the nine core business processes. And the group will be extending the route network to destinations not currently served from HK, and increasing frequencies on the most popular routes and operate more fuel-efficient aircraft.