New | Cathay Pacific says air congestion and other delays cost HK$1b last year
Airline’s full-year profit jumps 91pc to HK$6 billion, even as fuel-hedging loss widens to HK$8.47 billion
Air traffic congestion in Hong Kong and mainland China last year cost Cathay Pacific Airways HK$1 billion, the company said Wednesday, the first time the airline has calculated the figure.
“One of the biggest challenges we faced in 2015 was the impact of air traffic control-related delays in the Greater China region, and the increasing congestion at Hong Kong International Airport,” Cathay chairman John Slosar said at a media briefing Wednesday. “There is a real cost to all this - in the region of HK$1 billion last year. Delays and congestion create a lose-lose situation for airlines and our customers alike,” he said.
Delays and congestion create a lose-lose situation for airlines and our customers alike
The figure includes the cost to reroute passengers and adjust fleet deployment, the airline said.
Cathay reported a 90.5 per cent jump in profit to HK$6 billion, beating analysts’ estimates, despite a HK$8.47 billion loss from fuel hedging.
The airline is now carrying more transit than Hong Kong originated passengers, said chief executive Ivan Chu.
“Last year, for the first time, the number of sixth freedom passengers we carried is bigger than traffic originating from Hong Kong,” Chu said.