1991-10-2
13:02 FOO MAED
CATHAY PACIFIC AIRWAYS LIMITED
013703366 F.02
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1. Cathay Pacific Airways Limited (CPA) a member of the Swire Group is the principal international airline based in Hong Kong. The parent company of the Group is John Swire and Sons Ltd of London, who have major interests in transport, trading, manufacturing, property development, engineering and insurance in many parts of the world but particularly in Hong Kong, other parts of the Far East and Australia. The Chairman of CPA is David Gledhill, the Deputy Chairman and Managing Director is Peter Sutch.
2. The Swire interest in CPA is exercised through Swire Pacific Limited, a company quoted on the Hong Kong Stock Exchange. Swire & Sons Ltd own 27% of the Swire Pacific share capital, John these shares enjoying some
some 40% of the voting rights. Pacific in turn owns 51% of CPA.
Swire The direct UK holding in the airline is just over 14%. A further major block of shares (16.5%) is owned by the Hong Kong and Shanghai Bank and another 12.5% is owned by China International Trust and Investment Corporation (CITIC); the remaining 20.5% has been "Eloated" on the Hong Kong Stock Exchange. CPA is, however, effectively managed by John Swire and Sons Ltd, under a management contract, and they place their people in the key management posts.
3. CPA's roots as a Hong Kong based airline go back to 1946 when they transferred their operations from Shanghai flying a war surplus DC3, nicknamed "Betsy". It is now a highly successful and profitable British airline. After tax profits for the six months to the end of June 1990
of June 1990 came to US $183 million on a turnover of US $1.2 billion. In common with other carriers however, CPA will have been feeling the side effects of Iraq's invasion of Kuwait. CPA has an extensive network of long-haul services to India and the Gulf (Dubai and, until recently, Bahrain), Frankfurt, London, Manchester, Amsterdam, Paris, Rome, Zurich, Vancouver and Los Angeles. They hope to inaugurate services to Johannesburg this summer. There is also an intensive regional network, to Japan, Thailand, the Republic of Korea, Philippines, Malaysia, Indonesia, Singapore, Taiwan, Australia and New Zealand. In 1989, CPA carried 7.1 million passengers over the network, compared to 6.2 million passengers in 1988. CPA's marketing strategy concentrates particularly on high yield business traffic which makes up some 50% of its passengers.
4.
As a result of the agreement reached between the UK and Hong Kong authorities in 1989 covering operations between the UK and Hong Kong, CPA increased its services to the UK. outbreak of hostilities in the Gulf they were operating 14 weekly Up to the passenger services to London Gatwick and a twice weekly service to Manchester via Frankfurt. (Seven of the London services were routed via Bahrain and have consequently been suspended. have been replaced by three non-stop services between Hong Kong They and London, an overall reduction of four). In addition CPA operate 5 weekly all-freighter services to the UK. Over the past few weeks they have also been operating MOD cargo charter flights from London to Dhahran, These will continue as required.
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