Cathay Pacific posts 2011 profit of HK$5,501m, down 61% from 2010

The Cathay Pacific Group recorded an attributable profit of HK$5,501m for 2011. This compares to the profit of HK$14,048m for 2010, which was a record year for the airline. The 2010 results included HK$3,033m of significant non-recurring items being the profit on the sales of its shareholdings in Hong Kong Air Cargo Terminals and Hong Kong Aircraft Engineering Company and the gain on the deemed disposal of part of its interest in Air China. Adjusting for these items, the attributable profit in 2011 decreased by HK$5,514m or 50.1% from 2010. Turnover for the year increased by 9.9% to HK$98,406m and earnings per share fell by 60.9% to HK139.8 cents.