Cathay profit recovers well
By Doug Newhouse, 12 March 2010

Cathay Pacific Airways - Asia's fifth-largest airline - has reported its best half-year earnings in two years, beating its forecasts and underlining the changing fortunes and improved market conditions for airlines in Asia, although the carrier remains cautious about prospects for 2010 as a whole.

"Revenues and yields remain below levels experienced prior to the recent downturn and there has not been a sustained improvement in premium passenger demand," said Cathay Chairman Christopher Pratt in a statement.

"In addition, the cost of fuel, which rose steadily from the middle of 2009, remains stubbornly high and threatens to undermine profitability."

For the whole of 2009, Cathay posted a net profit of HK$4.69bn ($604m), compared with a net loss of HK$8.7bn ($1.1m) in 2008.

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