HONG KONG. Hong Kong’s biggest airline, Cathay Pacific Airways, said that its profit last year had more than tripled from 2003, helped by stronger passenger traffic, although surging oil prices raised its costs.
Profit jumped more than threefold to HK$4.42 billion (US$567 million), from HK$1.30 billion (US$167 million) last time. Revenue rose +32.1% to HK$39.07 billion (US$5 billion). The company said that passenger traffic was buoyed by new and more frequent services to leading destinations such as Beijing and New York.
Improved world and Hong Kong economies were the main drivers for growth, said Cathay. 2004 would have been the airline’s best year on record had there not been a sharp rise in the price of fuel.
The airline extended its Chinese Mainland network with the introduction of a daily service to Beijing and in early 2005 the launch of new passenger service to Xiamen and freighter service to Shanghai.
Cathay Pacific’s acquisition of a 10% stake in Air China at its initial public offering established a strategic partnership with the mainland flag carrier and a platform for co-operation on a number of commercial and operational fronts, including strengthening network connections between Hong Kong and Beijing.
MORE STORIES ON CATHAY PACIFIC
Cathay sees February passengers up +24.1% – 10/03/05
Cathay’s first-half profits soar to HK$1.8 billion – 11/08/04
Cathay Pacific achieves single day traffic record – 13/07/04
