Business Round-Up
Cathay Pacific Airways’ interim profit soars
September 1st 2014
Hong Kong headquartered Cathay Pacific Airways has announced an interim profit of HK$347 million (US$45 million) to June 30, compared with a HK$24 million profit a year ago. Read More » Cathay said robust passenger demand, especially on long haul routes, produced the much improved results but fuel accounted for 38% of the carrier’s operating costs for the reported period, an increase of 5.2%.
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The airline’s chairman, John Slosar, said the results “ continue to be below where we would like them to be,” but “that business is expected to be better in the second half of 2014”.
“The operating environment for the Cathay Pacific Group – and the aviation industry as a whole – remains challenging. This makes it difficult to maintain yields while the air cargo business remains problematic because of excess capacity,” Slosar said. Yield per passenger fell 3.5% and 6.9% for cargo.
