Hong Kong flag carrier Cathay Pacific on Wednesday announced a net profit of HK$2.35 billion last year, ending two successive annual losses after a massive overhaul.
"Overcapacity in passenger markets resulted in intense competition with other airlines, particularly those from mainland China," said chairman John Slosar in a statement with the latest report. Slosar said"the forecast strength of the US dollar and uncertainty due to geopolitical discord and global trade tensions" are expected to dampen passenger and cargo demand in the coming year.Cathay confirmed earlier this month it was in talks to buy a stake in Hong Kong Express as it competes to counter the growth of budget carriers in the region, but the report on Wednesday did not mention the potential acquisition.
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