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Cathay Pacific returns to profit for first time in three years

03/15/2019| 9:30:11 AM|

The airline lost HK$1.25 billion in 2017, and reported HK$111 billion in revenue for 2018, up 14.2%, driven by passenger and cargo businesses.

Cathay Pacific has reported a profit for the first time in three years.

The Hong Kong-based carrier earned a HK$2.35 billion ($300 million) profit for the year ended December 31, as it benefited from rising airfares and a turnaround plan designed to lower costs and boost revenue

Cathay said it was “reasonably optimistic” about passenger and cargo markets in 2019, despite recognising challenges ahead.

The result was in line with guidance for a profit of HK$2.3 billion issued on February 20th.

The airline lost HK$1.25 billion in 2017, and reported HK$111 billion in revenue for 2018, up 14.2%, driven by passenger and cargo businesses.

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, Slosar said.

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TAGS: Cathay Pacific | financial report
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