Cathay Pacific says profit soars 71pc in first half
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. Hong Kong flagship carrier's net profit rose 71 percent to HK$6.24 billion for the six months ending on June 30, the second-highest in its history for the period. The airline last month forecast a first-half…
Hong Kong's Cathay Pacific Airways announced on Wednesday that its first-half profit surged by 71 percent to HK$6.24 billion for the period ending June 30, marking its best profit since 2010. The airline credited strong passenger and cargo demand, along with a one-time gain from its Air China stake, for the impressive financial performance.
Despite the soaring fuel costs, Cathay Pacific's revenue increased by 25.3 percent to HK$68 billion, while its profit margin rose to 9.2 percent from 6.7 percent. Cathay Chairman Guy Bradley expressed cautious optimism for the rest of the year, contingent on developments in the Middle East and other macroeconomic factors. The airline warned that the impact of elevated fuel prices, which are expected to average US$152 per barrel this year, will continue throughout the rest of the year, and they remain vigilant to changing geopolitical and market situations.
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