CATHAY POSTS $13.8 MILLION FIRST-HALF PROFIT
Hong Kong-based Cathay Pacific Airways has reported net income of $13.8
million for the first six months of 1999, compared with a net loss of $22.4 million last
year.
Revenue increased 1.4 percent year-over-year to $1.7 billion at the
carrier, lending evidence to reports that Asia’s aviation market is
recovering.
Cathay would have reported a bigger improvement in earnings without a
one-time charge of $64 million related to a two-week pilot dispute in May and June.
Cargo sales rose 8.7 percent to $468.3 million on a rise in exports from Hong
Kong, as well as northern and southern Asia, the carrier said.
