Wednesday, March 5, 2008

Cathay Pacific profits jump 72%

Cathay Pacific Airways has reported a 72% rise in profits for 2007, but says conditions will be harder in 2008.
Cathay reported a net profit of $901.9m ( 454m) for 2007, higher than expected and helped by the weak dollar and sales at Air China, in which it owns 18%.
Including its Dragonair subsidiary, Cathay Pacific carried 23.35m passengers last year, a rise of 28.5%.
But the company said 2008 would be more difficult, because of high fuel prices and a slowdown in the global economy.
"Any substantial slowdown in world economic activity would pose risks to anticipated passenger and cargo volumes and revenue," chairman Christopher Pratt said.

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