Swire Pacific Limited

After a slow first quarter, Hong Kong Air Cargo Terminals Ltd. (Hactl) today reported another reduction in its air cargo throughput in the second quarter of 2001 compared with the same period of the pervious year, primarily due to continued softness in import demand in the United States and nearly all Hong Kong's other markets.

In June, Hactl handled a total of 125,759 tonnes - a reduction of 10.4% from the same month in 2000. The tonnage for the second quarter was 374,838 tonnes, only marginally higher than the first quarter tonnage and for the year to date was 743,703 tonnes, a fall of 8.3% against the corresponding period for 2000.

"Although we saw a small increase in throughput in the second quarter compared with the first quarter when seasonality is taken into account it is apparent that demand in relative terms has weakened as the percentage year on year decline in tonnage to and from certain key markets has increased," said Mark Ashall, Hactl's Director Marketing and Customer Service. "This is particularly true of exports to the United States, the largest single market for air cargo shipped via Hong Kong. After a 14.1% reduction in the first quarter against the same period for 2000, volume exported to that country handled by Hactl in the second quarter declined 28.5% year on year."

Double digit year on year percentage reductions in export tonnage was recorded to all significant markets with the exception of China which grew by 7.8% and South-East Asia which declined by 5.6%. Overall exports volumes were down by 17.8% for the quarter and 13.2% for the year to date.

Import volumes have been impacted less by the current economic slowdown. Although volume from some markets notably Japan, Korea and Taiwan fell by approximately 20%, possibly reflecting a substantial fall in demand for computer and telecommunications products, this was partially offset by increased tonnage from Australasia and Europe which grew by 21% and 6.2% respectively. As a result, import volumes were down by 8.9% for the quarter and 5.4% for the year to date.

Looking forward, demand is expected to remain sluggish for the balance of the year, "While we expect some pick up in tonnage towards the end of the third quarter as we move into the traditional peak season, there is at present no sign that the tonnage we will handle in the second half will approach the level we saw in 2000," said Mark Ashall.

HACTL'S SECOND QUARTER TONNAGE REPORT FOR YEAR 2001
Tonnes *	Apr-01	May-01	Jun-01	Cumulative (Apr-Jun '01)	Cumulative (Jan-Jun '01)
Import	48,934	47,955	48,675	145,564	287,142
Growth rate against '00	-7.5%	-9.9%	-9.2%	-8.9%	-5.4%
Export	60,317	57,240	59,018	176,575	352,042
Growth rate against '00	-18.0%	-19.8%	-15.4%	-17.8%	-13.2%
Transshipment	18,176	16,457	18,066	52,699	104,519
Growth rate against '00	-3.6%	-6.8%	6.2%	-1.5%	2.3%
Total	127,427	121,652	125,759	374,838	743,703
Growth rate against '00	1-12.3%	-14.5%	-10.4%	-12.4%	-8.3%

* 1 tonnes = 1,000 kgs

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Issued by Hong Kong Air Cargo Terminals Limited. For enquiries, please contact:

Lilian Chan - Manager,	Corporate Communications
Tel: (852) 2753 2042

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