HONG KONG: Hong Kong flag carrier Cathay Pacific on Wednesday (Mar 13) announced a net profit of HK$2.35 billion (US$299 million) last…
HONG KONG: Hong Kong flag carrier Cathay Pacific on Wednesday (Mar 13) announced a net profit of HK$2.35 billion (US$299 million) last year, ending two successive annual losses after a massive overhaul.
The recovery, which compares with a US$160 million loss in 2017, also came in a year that saw it suffer an embarrassing data breach that dented its reputation and could prove costly.
The result was in line with a preliminary announcement last month that the airline was back in the black as investors took comfort in the turnaround after two grim years for Asia’s largest carrier.
“Overcapacity in passenger markets resulted in intense competition with other airlines, particularly those from mainland China,” said chairman John Slosar in a statement with the latest report.
“But the passenger business benefited from capacity growth, a focus on customer service and improved revenue management,” he said, also citing “strong” cargo business.
Shares in the firm jumped 2.3 per cent in Hong Kong on Wednesday to close at HK$13.
