Cathay's

Demand for premium business travel and cargo traffic remained low in the first six months, with the number of passengers traveling with Cathay and its subsidiary Dragonair falling 4.2% to 11.9 million, according to Cathay's interim results.

Fuel hedging helps Cathay Pacific return to profit 2009

Cathay's shares briefly surged as much as 5.2% on the headline profit numbers but closed down 3.6% at HK$12. 20 on worries about the need for more cash.

Cathay Pacific swings to profit; recovery uncertain 2009

"The results of airlines would be adversely affected, and very quickly so, by a return to recessionary economic conditions," Mr. Pratt said, adding that Cathay's profit could weaken if oil prices continue to rise.

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Cathay's operations continued to lose money in the first half with an operating loss of HK$765 million ($98.7 million), Pratt said.

Fuel hedging helps Cathay Pacific return to profit 2009

Cathay's fuel hedging contracts in the first six months yielded mark-to-market gains of HK$2. 1 billion, compared with a loss of HK$7. 6 billion for full year 2008, the company said in the statement.

Cathay Pacific swings to profit; recovery uncertain 2009

It's one of a group of carriers offering new competition to Hong Kong's leading carrier, Cathay Pacific, and its wholly owned subsidiary Dragonair, which services most of Cathay's routes to mainland China.

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However, Chairman Christopher Pratt said in a statement the rapid turnaround in Cathay's business from the lows of 2008—when the global financial crisis began unfolding—was "indicative of the volatile nature of the aviation business."

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Cathay's largest shareholder, Swire Pacific Ltd. — a holding company that includes property, beverages and marine industrial services — has ranked in the top five for the past five years.

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"The best we can say at the moment is the worst may now be over," Cathay's Chairman Christopher Pratt said in a Hong Kong news conference.

Fuel hedging helps Cathay Pacific return to profit 2009

However, its cargo and passenger business has improved markedly since the last quarter of 2009 and Cathay's cargo traffic is now back to its precrisis levels.

Cathay Pacific Profit Soars 2010