Hong Kong's Cathay Pacific Airways Ltd swung to a half-year profi...
) swung to a half-year profit, the first for the January-June period since 2016, as rising passenger revenue and lower fuel costs helped to offset a decline in the air cargo market.
A passenger walks to the First Class counter of Cathay Pacific Airways at Hong Kong Airport in Hong Kong, China April 4, 2018. REUTERS/Bobby Yip The airline reported an HK$1.347 billion net profit for the six months ended June 30, compared with an HK$263 million loss for the first half of 2018.Cathay said widespread protests in Hong Kong reduced inbound passenger traffic in July and were adversely impacting forward bookings. The carrier canceled dozens of flights on Monday due to a general strike.
However, Cathay said it normally achieved better financial results in the second half of the year and, despite headwinds and other uncertainties, it expected that to be the case in 2019. Passenger yields, a measure of the average fare per kilometer flown, fell 0.9% in the first half due to competition in premium classes and long-haul economy class.Hong Kong is the world’s largest air freight hub and Cathay receives a higher proportion of revenue from cargo than peers like Singapore Airlines (
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