HONG KONG: Hong Kong flag carrier Cathay Pacific on Wednesday (Mar 13) announced a net profit of HK$2.35 billion (US$299 million) last year, ...
HONG KONG: Hong Kong flag carrier Cathay Pacific on Wednesday announced a net profit of HK$2.35 billion last year, ending two successive annual losses after a massive overhaul.
"But the passenger business benefited from capacity growth, a focus on customer service and improved revenue management," he said, also citing"strong" cargo business.AdvertisementCathay has been overhauling its business after posting its first losses for eight years in 2016, firing more than 600 workers and paring overseas offices and crew stations as it faced stiff competition from budget rivals in China.
Slosar told reporters at a press conference that business travel is an"important part" of the company's revenue stream and that business passengers tend to"respond very much" to the global economy. Hong Kong Express - the city's sole budget carrier - is owned by HNA Group, a struggling Chinese conglomerate that has been looking to lower its debt pile. The group also owns Hong Kong Airlines, another Cathay competitor that has found itself in financial difficulties in recent months.In October it sparked outrage when it admitted to a massive breach five months after hackers made off with the data of 9.4 million customers, including some passport numbers and credit card details.
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