Cathay Pacific says net profit tripled in 2013

HONG KONG, Mar 12 (AFP): Hong Kong flagship carrier Cathay Pacific said today net profit more than tripled last year thanks to a rise in demand from Chinese travellers and fuel cost-saving measures.

The airline said profit jumped to HK$2.62 billion ($338 million) from HK$862 million in 2012 as revenue climbed 1.1 per cent to HK$100.5 billion.

The 204 per cent increase helped the firm recover from a painful 2012, when its bottom line was hammered by the effects of the eurozone crisis as well as persistently high fuel prices.

The result was in line with the average HK$2.74 billion net profit forecast by analysts, according to Dow Jones newswires.

However the figure is still well down from the HK$5.5 billion profit seen in 2011.

"The operating environment remained challenging throughout 2013... It was therefore encouraging to see an improvement in our overall performance," company chairman Christopher Pratt said in a filing to the Hong Kong Stock Exchange.