KARACHI – The Cathay Pacific Group recorded a profit of HK$5,501 million for 2011 as compared to the profit of HK$14,048 million for 2010, which was a record year for the airline. The 2010 results included HK$3,033 million of significant non-recurring items being the profit on the sales of our shareholdings in Hong Kong Air Cargo Terminals Limited and Hong Kong Aircraft Engineering Company Limited and the gain on the deemed disposal of part of our interest in Air China. Adjusting these items, the profit in 2011 decreased by HK$5,514 million or 50.1pc from 2010. Turnover for the year increased by 9.9pc to HK$98,406 million. Earnings per share fell by 60.9pc to HK139.8 cents.
In 2011 the core business of the Cathay Pacific Group was materially affected by instability and uncertainty in the world’s major economies. The passenger business of Cathay Pacific and Dragonair held up relatively well, mainly as a result of strong demand for premium class travel.