HONG KONG: Cathay looking at healthy profit for 2010

Cathay Pacific is anticipating a yearend profit of HK$12.5 billion (US$1.6 billion), a huge increase over 2009’s profit of HK$4.69 billion. The number also is a significant increase over reported year-end 2010 profit estimates of HK$11.7 billion. Cathay’s profit was in part derived from the HK$2.16 billion sale of its holdings in Hong Kong Air […]


Cathay Pacific is anticipating a yearend profit of HK$12.5 billion (US$1.6 billion), a huge increase over 2009’s profit of HK$4.69 billion. The number also is a significant increase over reported year-end 2010 profit estimates of HK$11.7 billion. Cathay’s profit was in part derived from the HK$2.16 billion sale of its holdings in Hong Kong Air Cargo Terminals and Hong Kong Aircraft Engineering Company. “We are expecting an outstanding financial result following a very difficult period brought about by the global financial crisis. We are, of course, delighted to be so handsomely in the black, but the dramatic turnaround in our fortunes serves to illustrate yet again the volatile and cyclical nature of our business,” Tony Tyler, Cathay’s CEO, said in a statement.