CATHAY PACIFIC FORECASTS GOOD 1987 PERFORMANCE

  Cathay Pacific Airways Ltd &lt;CAPH.HK>
  forecast another good year in 1987 in view of good growth in
  both passenger and cargo traffic volumes early this year over
  the year-earlier period.
      The airline did not quantify its performance in early 1987
  but said it would take delivery of one Boeing Co &lt;BA.N> 747
  freighter and one Boeing 747-300 passenger plane in September
  and November respectively after it took a 747-300 last month.
      It earlier reported a 58.7 pct increase in 1986 net profit
  to 1.23 billion H.K. Dlrs and announced a final dividend of 14
  cents a share.
      But Cathay Pacific recorded sharp increases in net finance
  charges to 124.9 mln dlrs from 44.4 mln a year.
      A spokesman for the firm linked the rise to two aircraft
  deliveries in 1986.
      However, the company said in a statement good returns from
  funds placed with investment managers had partly offset higher
  interest costs resulting from additional lease financing and
  other borrowing.
      It added that the airline last year also saw aviation fuel
  prices fall to an average 4.59 dlrs a gallon from 6.76 dlrs in
  1985.
      Passengers carried by Cathay Pacific totalled 4.2 mln last
  year, up from 3.85 in 1985, with the passengers kilometre
  travelled rising to 14.02 billion from 12.56 billion. But
  passenger load factor was down to 69.1 pct from 71.0 pct.
      The airline's cargo operations recorded growth of 21 pct in
  total tonnage over the previous year and a 35.9 pct rise in
  revenue to 1.79 billion dlrs.
      Cathay Pacific floated its shares in April, 1986 and is now
  50.23 pct owned by Swire Pacific Ltd &lt;SWPC.HK>, 16.43 pct by
  Hongkong and Shanghai Banking Corp &lt;HKBH.HK> and 12.5 pct by
  &lt;China International Trust and Investment Corp>.
  

