Cathay Pacific returns to profitability on fuel hedging gains, but long recovery ahead

Cathay Pacific posted a 1H2009 net profit of HKD812 million (USD105 million), reversing a net loss of HKD760 million (USD98 million) in the previous corresponding period, although the carrier would have been in the red if not for hedging gains of HKD2.1 billion (USD271 million). The carrier’s operating profit of USD263.6 million also represented a reversal from a loss (of USD90.1 million ) in 1H2008. [1743 words]

CAPA Members Login Username: Password: Remember details

Instantly get access to this article now for USD15.00. or If you've already bought this article, you can view it by typing your Article Key:

This report contains the following subheadings:

• Poor business class demand taking its toll
• Demand remains weak, especially freight, although freight market share retained
• To park a further six passenger aircraft 
• Dragonair becomes passenger-only operation
• Air Hong Kong improves profit, other subsidiaries see profit levels slip
• Cathay sees further pressures

This report contains the following charts and tables:

• Cathay Pacific financial/traffic highlights: six months ended 30-Jun-2009 (USD millions)
• Cathay Pacific and Dragonair capacity, load factor and yield
• Cathay Pacific market performance: 1H2009