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Hong Kong's Cathay Pacific Airways (0293.HK), opens new tab 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, and Air China Cargo
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.