Cathay Pacific’s 2024 profit rises marginally

[HONG KONG] Cathay Pacific Airways reported a marginal rise in its full-year profit on Wednesday, following a stronger second half due to a holiday-season boost in travel demand and lower fuel prices.

Hong Kong’s flagship airline posted a 1 per cent rise in its net profit of HK$9.89 billion (S$1.7 billion) for the year ended Dec 31, compared with HK$9.79 billion a year earlier as the holiday boost was partly offset by normalising ticket prices.

The carrier’s profit included a one-off gain of HK$578 million from a dilution of its interests in Air China and Air China Cargo.

The company’s revenue for the year jumped 10.5 per cent to HK$104.37 billion, driven by elevated cargo demand and higher cost efficiencies, but missed a Visible Alpha consensus of HK$104.74 billion.

Cathay aims to increase air travel and cargo capacity going ahead, starting with the addition of more than 100 new and fuel-efficient aircraft to its fleet, the firm said in a statement.

The company declared a second interim dividend of HK$0.49 per ordinary share, higher than a Visible Alpha consensus of HK$0.42 per share. REUTERS