AJOT Digital Edition | Issue #578

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Ocean Carrier Review

Pacific Northwest Ports

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2014 Media Kit

Cathay Pacific says cargo revenue down 13% so far in 2012

Author: AJOT | Nov 25 2012 at 07:00 PM | Category: Air Cargo  

Cathay Pacific Airways Ltd., the world’s leading international air cargo carrier, said its overall cargo revenue so far this year is about 13 percent lower than 2011 due to weak demand and high fuel costs.

“There are cost and revenue factors which have combined to make 2012 a difficult year,” Cathay chief executive John Slosar said in a statement.

This year, premium traffic had been soft also due to the world economic situation, he added.

“Our top corporate customers in the financial industry are traveling more than 15 Percent less than they did the previous two years,” Slosar said.

A decline in average ticket prices, which were below budget and below last year by about 4 percent, was also a problem, he added.

A global economic slowdown and high fuel prices pushed Cathay into the red in the first half of 2012. (Reuters)