The Cathay Pacific Group recorded an attributable profit of HK$14,048 million for 2010. This result, a record for the Group, compares to an attributable profit of HK$4,694 million for 2009. Turnover for the year rose by 33.7% to HK$89,524 million. Earnings per share rose by 199.3% to HK357.1 cents.

The Group’s business began to recover from the global economic downturn in the latter part of 2009. The momentum was sustained throughout 2010. Our passenger and cargo businesses both performed well with consistently strong loads and significant increases in revenues. We also benefited from the strong profits earned by our associated company, Air China (which contributed HK$2,482 million to the 2010 result), from the aggregate profit of HK$2,165 million from the disposal of our interests in Hong Kong Air Cargo Terminals Limited (“Hactl”) and Hong Kong Aircraft Engineering Company Limited (“HAECO”) and from the profit of HK$868 million from the deemed disposal of part of our interest in Air China. The deemed disposal occurred because Air China issued some new shares, an issue in which we were unable to participate.