Cathay Pacific has reported a huge rise in net profit for 2015, with the Hong Kong carrier citing the global drop in oil prices for the record financial results.
The airline said its net profit of HK$6,000 million jumped 90 per cent year-on-year, with an increase in capacity also responsible for the positive results.
“The Group’s performance in 2015 was better than in 2014, with the business benefiting from low fuel prices,” Cathay PAciic said in a statement. “The high passenger load factors experienced in the first half of the year continued in the second half, reflecting strong economy class demand. Premium class demand was not as strong as expected on some long-haul routes.”
The airline’s chairman John Slosar said he expects positive trading for the remainder of 2016, despite rising competition in Asia and weak demand for its premium seats.
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