Cathay Pacific profit up 90% on tumbling oil prices

Hong Kong

HONG KONG flag carrier Cathay Pacific said net profit almost doubled last year as tumbling oil prices slashed

fuel costs and boosted passenger numbers, although global demand dented the cargo unit.

With fuel accounting for a huge chunk of most airlines' outlay, the slump in crude since mid-2014 has provided a much-needed boost to their bottom lines.

Cathay reported a net profit of HK$6 billion (S$1.07 b…