CATHAY PACIFIC, a member of Oneworld, has announced a big surge in profits to ”318 compared with ”57m in 2001. The Hong Kong-based airline said it achieved its success by reducing operating costs, an increase in passengers and strong growth in its cargo business. However, first and business class demand remained weak, Cathay said. Cargo business enjoyed sustained growth throughout the year, spurred by high demand for Hong Kong exports in Asia, Europe and, in particular, North America. Cargo operations to Europe were strengthened by new services to Milan, Brussels and Manchester. http://www.cathaypacific.com