Cathay Pacific swings back to net profit in first-half
HONG KONG (AFP) - Hong Kong's Cathay Pacific Airways swung to a first-half net profit of HK$24 million (S$3.9 million) on Wednesday, but warned of continued high fuel prices and a challenging business environment.
The profit for the six months ending June 30 comes after the blue-chip Asian airline suffered a first-half net loss of HK$935 million a year earlier, representing a 103 per cent upswing.
Revenue fell 0.6 per cent to HK$48.58 billion.
Company chairman Christopher Pratt said fuel costs decreased 8.5 per cent compared to the same period last year but remained expensive, accounting for 39 per cent of total operating costs.