09 Mar '11, 3pm

Cathay Pacific posts record full-year profit: By Roland Lim | Posted: 09 March 2011 2244 hrs HONG KONG : A drama...

Cathay Pacific posts record full-year profit: By Roland Lim | Posted: 09 March 2011 2244 hrs HONG KONG : A drama...

HONG KONG : A dramatic rebound in the global travel and cargo demand saw Hong Kong carrier Cathay Pacific Airways reporting record full-year profit on Wednesday. Net profit for the year ended in December came in at HK$14.05 billion (US$1.80 billion) - triple from a year ago and beating expectations. Analysts said it was certainly a good set of results for the carrier. Revenue jumped 34 percent to HK$89.52 billion from HK$67.00 billion, thanks to an increase in premium passengers and strong cargo volumes. In fact, passenger numbers climbed more than 9 percent on-year, with yields - a measure of average fares - shooting up 20 percent to 61.2 HK cents. Cargo volumes rose by 18 percent - pushing cargo yields higher by 25 percent at HK$2.33. Analysts said the yields were impressive, but Cathay is unlikely to match such strong growth this year. Betting on further growth in Asian...

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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