KARACHI - The Cathay Pacific Group has recorded profit of HK$14,048 million for 2010. This result, a record for the Group, compares to profit of HK$4,694 million for 2009. Turnover for the year rose by 33.7pc to HK$89,524 million. Earnings per share rose by 199.3pc, says a press release. The Groups business began to recover from the global economic downturn in the latter part of 2009. The momentum was sustained throughout 2010. Our passenger and cargo businesses both performed well with consistently strong loads and significant increases in revenues. We also benefited from the strong profits earned by our associated company, Air China (which contributed HK$2,482 million to the 2010 result), from the aggregate profit of HK$2,165 million from the disposal of our interests in Hong Kong Air Cargo Terminals Limited (Hactl) and Hong Kong Aircraft Engineering Company Limited (HAECO) and from the profit of HK$868 million from the deemed disposal of part of our interest in Air China. The deemed disposal occurred because Air China issued some new shares, an issue in which we were unable to participate. In announcing the 2010 results, Cathay Pacific confirmed that all eligible staff would receive a 2010 profit share of five weeks salary plus either HK$6,000 or half of the staffs monthly salary, whichever is lower. Under this formula, more than 60pc of staff will in effect get a profit share of more than six weeks of salary, two weeks of which was already paid to all eligible staff in August. This profit share is on top of the 13th month discretionary bonus they received last December.