Cathay Pacific's Net Profits Rise 7.1 Percent

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Last updated at: (Beijing Time) Wednesday, August 07, 2002

Cathay Pacific's Net Profits Rise 7.1 Percent

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Hong Kong's leading carrier Cathay Pacific Airways announced Wednesday that its net profits increased 7.1 percent to 1.412 billion HK dollars (181 million US dollars) for the first half of 2002, compared with the same period of last year.

The turnover was 15.511 billion HK dollars (1.988 billion US dollars), a 6.3 percent increase over the second half of 2001 when Cathay Pacific made a loss of 662 million HK dollars (84.9 millionUS dollars).

The result reflected a steady recovery in market conditions. With more people traveling, the airline brought previously grounded aircraft back into service and restored the services thatwere temporarily suspended following the terrorist attacks in the United States, according to Cathay Pacific.

At a press conference, Cathay Pacific Chairman James Hughes-Hallett said, "We anticipate continued demand in the coming monthsand an improved result in the traditional stronger second half."

He said capacity will be increased further with the delivery later this year of the new A340-600 long-range aircraft. The airline has also ordered six new regional aircraft, which will arrive from the end of 2003.

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