Cathay's strong results came despite rising cost pressures, as the aviation industry grappled with a surge in jet fuel prices triggered by the Iran war.
Cathay Pacific Airways reported its best first-half profit since 2010, with net profit rising 71% to HK$6.24 billion (US$795.59 million) for the six months ended June 30. This significant increase was driven by strong demand for both passenger and cargo services, as well as a one-time gain from its Air China stake. The airline's revenue climbed 25.3% to HK$68 billion, while its profit margin grew to 9.2% from 6.7%.
Despite the challenging cost backdrop, with jet fuel prices forecast to average US$152 per barrel this year, Cathay Pacific Chairman Guy Bradley expressed cautious optimism for the remainder of the year, subject to developments in the Middle East situation and other macroeconomic factors.
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Cathay Pacific Airways on Wednesday reported its best first-half profit since 2010 as strong passenger and cargo demand and a one-time gain from its Air China stake offset higher fuel prices.
