5 Aug 2010

Record half year profit for Cathay Pacific

9:59 am on 5 August 2010

Hong Kong's largest air carrier has returned a record half-year profit and announced plans to significantly expand its fleet.

Cathay Pacific reported an eight-fold increase in first-half profit to $NZ1.2 billion and expects that to improve further in the second half of the year.

It's also annouced an order for 30 new Airbus A350's, as well as six Boeing 777 aircraft, worth more than $NZ13 billion.

Chief executive Tony Tyler says cargo is back to pre-crisis levels and passengers numbers are almost there as a turnaround that began in late 2009, continues to gain momentum.

Meanwhile, he International Air Transport Association expects global airlines to turn a profit of $US2.5 billion this year, compared to last year's loss of $US2.8 billion.