Cathay Pacific aircraft are seen parked at Hong Kong International Airport in Hong Kong, China August 7, 2024. REUTERS
March 12 (Reuters) – Hong Kong’s Cathay Pacific Airways (0293.HK), reported a marginal rise in its full-year profit on Wednesday, following a stronger second half due to a holiday-season boost in travel demand and lower fuel prices.
Hong Kong’s flagship airline posted a 1% rise in its net profit of HK$9.89 billion ($1.27 billion) for the year ended December 31, compared with HK$9.79 billion a year earlier as the holiday boost was partly offset by normalising ticket prices.
The carrier’s profit included a one-off gain of HK$578 million from a dilution of its interests in Air China (601111.SS), and Air China Cargo (001391.SZ).
The company’s revenue for the year jumped 10.5% to HK$104.37 billion, driven by elevated cargo demand and higher cost efficiencies, but missed a Visible Alpha consensus of HK$104.74 billion.
Cathay aims to increase air travel and cargo capacity going ahead, starting with the addition of more than 100 new and fuel-efficient aircraft to its fleet, the firm said in a statement.
The company declared a second interim dividend of HK$0.49 per ordinary share, higher than a Visible Alpha consensus of HK$0.42 per share.
($1 = 7.7705 Hong Kong dollars)
Reporting by Shivangi Lahiri and Nichiket Sunil in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala
