Hong Kong-based Cathay Pacific reported a 32 percent increase in cargo revenue to HK$32.4 billion ($4.2 billion) in 2021 on better yields and increased load factor.
Load factor increased by 8.1 percentage points to 81.4 percent. While cargo carried was almost flat at 1.33 million tonnes in 2021, cargo yield increased 33 percent to HK$3.94 from HK$2.96 in 2020. Cargo revenue tonne kilometres (RFTK) declined over 1 percent, and capacity, measured by available cargo tonne kilometres (AFTK), dropped 11 percent.
Total revenue was down marginally to HK$ 42.2 billion ($5.5 billion), and adjusted loss for Cathay Pacific shareholders declined to HK$4.5 billion ($585 million) from HK$15.2 billion ($2 billion).
Total revenue was down marginally to HK$ 42.2 billion ($5.5 billion), and adjusted loss for Cathay Pacific shareholders declined to HK$4.5 billion ($585 million) from HK$15.2 billion ($2 billion). "Cargo demand grew ahead of the traditional peak season in the second half of the year," says Patrick Healy, Chairman, Cathay Pacific Group. "In the months leading up to the end of 2021, we operated our freighter fleet at peak capacity, and supplemented our cargo capacity with additional cargo-only passenger flight operations. We also operated six of our Boeing 777-300ER passenger aircraft that have been partially converted into "preighters" by removing some of the seats in the passenger cabins to provide additional cargo-carrying capacity. In October, we carried more than 136,000 tonnes of cargo – the most we have carried in a single month since the start of Covid-19. Our airlines have carried more than 190 million Covid-19 vaccines."
Cathay Pacific is the leading international airline and like any other airline, it also has a policy for users of the services provided by Cathay Pacific.