Cathay Pacific says net profit tripled in 2013

Agence France-Presse

Posted at Mar 12 2014 02:37 PM | Updated as of Mar 12 2014 10:37 PM

HONG KONG - Hong Kong flag carrier Cathay Pacific said Wednesday that net profit tripled last year, thanks to fuel cost savings and an increase in passengers.

The airline said profit jumped to HK$2.62 billion ($338 million) from HK$862 million in 2012 as revenue climbed 1.1 percent to HK$100.5 billion.

However the figure is still well down from the HK$5.5 billion seen in 2011 before the eurozone crisis and high fuel costs hammered the firm's bottom line.

"The operating environment remained challenging throughout 2013... It was therefore encouraging to see an improvement in our overall performance," company chairman Christopher Pratt said in a filing to the Hong Kong Stock Exchange.

Cathay said it carried nearly 30 million passengers in 2013, an increase of 3.3 percent from the previous year, helped by strong demand for leisure travelling from its base in Hong Kong, a jump in outbound travel from mainland China and promotional ticket programs.

However, Pratt said the cargo business was hit by weak demand, with revenue falling 3.6 percent to HK$23.7 billion.

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