cathay-pacific-breaks-even

Cathay Pacific breaks even

First-half earnings results for Cathay Pacific and Singapore Airlines confirm that the industry might be about to reach a cyclical bottom.

After a spring of consistently dire outlooks for the airline industry, Cathay Pacific Airways has turned a profit on one-time gains, while Singapore Airlines slipped further into the red.

Cathay Pacific's reported first-half operating profit rose nearly 400% year-on-year to HK$2.04 billion $263 million on HK$2.1 billion in unrealised mark-to-market fuel hedging gains. However, without the one-time boost, the airline nearly broke even with a loss of HK$60 million.

Conversely Singapore Airlines' earnings worsened in the first quarter. The airline's operating loss was S$319 million $222.4 million including one-time fuel hedging losses of S$287 million. Quarter-on-quarter Singapore's operating loss increased 91%, reflecting the airline industry's deteriorating state and...

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