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Cathay Pacific forecasts first-half profit up as passenger and cargo rise
The Hong Kong carrier expects net profit to range between HK$6.0 billion and HK$6.5 billion, after a roughly HK$1.4 billion one-off gain linked to an Air China share sale.
Cathay Pacific Airways expects its first-half net profit to increase by as much as 75% to HK$6.5 billion (US$829 million), up from HK$3.7 billion a year earlier, as passenger and cargo traffic continues to grow, according to SCMP Economy.
The airline said it expects net profit to fall within a HK$6.0 billion to HK$6.5 billion range for the first half, and noted results were also supported by an approximately HK$1.4 billion one-off gain from the dilution of its interest in Air China following a share sale.
Cathay Pacific said that despite jet fuel prices remaining elevated, Cathay Pacific and HK Express carried a combined total of more than 3.1 million passengers in June, up 9% year on year, while Cathay Cargo transported around 145,000 tonnes of freight, also up 9% year on year.
In June, Cathay Pacific carried 12% more passengers than in the same month last year, and the company reported a 17% increase for the first six months.