Cathay Pacific Airways has surprised the market by reporting far higher-than-expected profits for 2002, on the back of improved demand and reduced operating costs. The Hong Kong-based carrier reported a sixfold increase in net profit for the year ended 31 December, to HK$3.98 billion ($512 million) from HK$657 million the year earlier. DHL Worldwide Express has, meanwhile, bought another 10% of all-cargo carrier Air Hong Kong (AHK) from Cathay Pacific Airways, lifting its holding to 40%. AHK has also firmed up its order with Airbus for up to 10 A300-600F freighters.
Source: Flight International
