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Cathay Pacific Announces Profit for 2003

  Cathay Pacific Airways today announced its full-year results for the year
2003. The Group reported a profit attributable to shareholders of HK$1,303
million (US$167 million) compared to a profit of HK$3,983 million (US$511
million) in 2002. Turnover fell by 10.6 percent to HK$29,578 million
(US$3.8 billion). The airline’s operations in the first half of the year were severely
disrupted by the SARS outbreak which resulted in a previously reported
first-half loss of HK$1,241 million (US$159 million). The airline returned
to profitability in the second half with a sharp rebound in passenger
demand and continued strong support from the cargo business.

Cathay Pacific added new passenger services to several regional and
long-haul destinations, and opened another important chapter in its
history with the resumption of services to Beijing. Although the airline
saw an 18 percent year-on-year decline in the number of passengers carried
to ten million, more than six million of those flew in the second half of
the year. Passenger yield for 2003 declined 4.6 percent.

Demand for the airline’s cargo services remained strong throughout the
year. In 2003, the airline carried a record 874,724 tons of freight, up
2.8 percent on 2002. Osaka and Singapore were added to the freighter
network and additional services were launched to Brussels, Manchester,
Milan and cities in the United States. The Group’s cargo revenue increased
5.6 percent over 2002. Cargo yield fell 1.1 percent.

Cathay Pacific Chairman James Hughes-Hallett said: “The airline came
through a very testing year in remarkably good shape. The results reflect
a strong performance by the cargo business and a very welcome rebound in
the passenger business in the second half of the year. I would like to
express sincere thanks to our staff for their efforts in bringing the
airline successfully through an extremely challenging period. Looking
forward, we will continue to invest in our fleet, our product and our
people in order to take advantage of new growth opportunities and enhance
Hong Kong’s position as a global aviation hub.”

From the U.S., Cathay Pacific offers the only double daily non-stop
747-400 and A340-600 service from Los Angeles to Hong Kong, daily non-stop
747-400 service from San Francisco to Hong Kong, daily direct 747-400
service from New York to Hong Kong (increasing to double daily frequency
with non-stop A340-600 service commencing July 1st) and daily non-stop
747-400 service from New York to Vancouver onboard one of the youngest
aircraft fleets in the world.