Cathay Pacific profits rise 204%
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Cathay Pacific profits rise 204%
Cathay Pacific profits rise 204% on strong China demand
Hong Kong's Cathay Pacific airways posted a 204% increase in profits in 2013 to $2.6bn Hong Kong dollars ($335m, £201m).
The airline said the boost in profits was largely attributed to an increase in leisure and business travel to the Pearl River Delta in southern China.
However, Cathay Pacific warned that low cost carriers were eating into profits.
Shares in the firm declined, as profits were less than analysts had been expecting.
"The operating environment remained challenging throughout 2013, for [Cathay Pacific] and the aviation industry as a whole. It was therefore encouraging to see an improvement in our overall performance," said chairman Christopher Pratt in a statement.
The airline carried 29.9 million passengers in 2013 - an increase of 3.3% from a year earlier.
However, it said its cargo business continues to be weak after a slowdown in 2011.
Cathay Pacific is one of the world's largest carriers of air cargo.
"Despite current adverse market conditions, we remain confident in Hong Kong's future as an air cargo centre," Cathay said in its earnings report.
Ivan Chu is set to take over as chief executive of the airline this month
BBC...
Hong Kong's Cathay Pacific airways posted a 204% increase in profits in 2013 to $2.6bn Hong Kong dollars ($335m, £201m).
The airline said the boost in profits was largely attributed to an increase in leisure and business travel to the Pearl River Delta in southern China.
However, Cathay Pacific warned that low cost carriers were eating into profits.
Shares in the firm declined, as profits were less than analysts had been expecting.
"The operating environment remained challenging throughout 2013, for [Cathay Pacific] and the aviation industry as a whole. It was therefore encouraging to see an improvement in our overall performance," said chairman Christopher Pratt in a statement.
The airline carried 29.9 million passengers in 2013 - an increase of 3.3% from a year earlier.
However, it said its cargo business continues to be weak after a slowdown in 2011.
Cathay Pacific is one of the world's largest carriers of air cargo.
"Despite current adverse market conditions, we remain confident in Hong Kong's future as an air cargo centre," Cathay said in its earnings report.
Ivan Chu is set to take over as chief executive of the airline this month
BBC...
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YES! That's fantastic news! Surely that means we should get a healthy profit share for the first time in a couple of years?
I flew with a guy the other week reckons we'll get 3 weeks for sure. (But I'm secretly hoping for more)
It feels good to feel appreciated - show me the money!
I flew with a guy the other week reckons we'll get 3 weeks for sure. (But I'm secretly hoping for more)
It feels good to feel appreciated - show me the money!
Last edited by Flying Clog; 12th Mar 2014 at 14:23.
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Cloggie... didn't you read...
WOT? No 15 trillion in new profit? Tsk tsk tsk tsk. Dis-aPPOOOOOOINTing...
No cookies for you mate.
Besides, there are all those fancy new 350's and 777X's that need to be paid off.
Ah, but there's there's always next year right?
Shares in the firm declined, as profits were less than analysts had been expecting.
No cookies for you mate.
Besides, there are all those fancy new 350's and 777X's that need to be paid off.
Ah, but there's there's always next year right?
