Cathay Pacific posts strong first-half net profit
Afp, Hong Kong
Cathay Pacific posted a strong first-half net profit of 2.58 billion Hong Kong dollars (330 million US) Wednesday, exceeding expectations, and said they were ideally placed to benefit from China's growth. Cathay said the record interim result for the six months to June -- up 54.7 percent on the same period in 2006 -- came on the back of continued strong passenger demand and despite a weak cargo market. Analysts had forecast first-half to June net profit would fall within a range of 2.05 billion to 2.36 billion Hong Kong dollars, up from 1.67 billion posted in the same period last year. "Passenger demand continued to be strong during the first half of 2007 and this was the main driver behind the 54.7 percent rise in interim profit," said the company's chairman Christopher Pratt. Revenue was up to 34.63 billion dollars from 27.09 billion a year previously.
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