Cathay Pacific Airways is well on the way to putting last year's nightmare behind it, having announced an operating profit of HK$236 million ($30 million) for the six months ending 30 June, compared with a HK$39 million loss for the first half of 1998.
The carrier, number two in South-East Asia by turnover and a benchmark for the health of the region, says there was a recovery in markets in the period, including the USA, Indonesia, South Korea and the Philippines. The carrier says a pilot strike in June cost it HK$500 million.
Cathay's turnover for the six months grew by 1.4% to HK$13.17 billion in what the airline calls a "modest improvement". The carrier also made HK$131 million after tax, of which HK$108 was profit attributable to shareholders, reversing a $175 million hit for the same period last year.
Cathay's full-year loss attributable to shareholders in 1998 was HK$542 million - its first such loss since 1963. The airline's cargo operation has recovered particularly well, with turnover up 8.7% for the six months.
Source: Flight International
