Hong Kong's Cathay Pacific Airways Ltd reported a HK$2.35 billion ($299.37 ...
SINGAPORE - Hong Kong’s Cathay Pacific Airways Ltd reported a HK$2.35 billion annual profit after two years of losses, as it benefited from rising airfares and a turnaround plan designed to lower costs and boost revenue.
The result for the year ended Dec. 31, aided also by out-of-the-money fuel hedges rolling off, was in line with Cathay’s guidance for HK$2.3 billion profit issued on Feb. 20. This year, Cathay plans to “compete hard” by extending its route network to destinations not currently served from Hong Kong, increasing frequencies on its most popular routes and operating more fuel-efficient aircraft, Chairman John Slosar said in a statement.
As one of the world’s largest cargo airlines, Cathay last year benefited from an improving freight market. However, in January it reported a 5.2 percent fall in cargo traffic, with the pre-Chinese New Year rush not as strong as last year.
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