Cathay Nears End of Tunnel With Surprise Second-Half Profit
- Strong cargo demand, travel pickup help narrow full-year loss
- Airline also records smaller loss from fuel-hedging contracts
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Cathay Pacific Airways Ltd. is finally seeing some respite from its earnings woes.
Asia’s biggest international carrier reported a surprise profit in the second half of 2017, with a pick-up in cargo and premium-travel demand helping narrow the full-year net loss to HK$1.26 billion ($161 million). That’s well below analysts’ expectations for a loss of HK$2.26 billion, based on estimates compiled by Bloomberg.