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.
