Cathay Pacific back into profit

<p>Cathay Pacific has announced it has returned to profit.</p>

The latest financial results of Hong Kong airline Cathay Pacific have revealed that the company has returned to profit this year.

It was announced by the firm that it made a net profit of 24 million Hong Kong dollars (£2 million) in the first six months of the year.

Cathay Pacific revealed in a statement that it was able to return to growth as a result of cost-cutting measures and reducing its fuel bill.

"Fuel remains the group's most significant cost, accounting for 38.8 per cent of our total operating costs during the period," Christopher Pratt, Cathay Pacific chairman, said.

He added: "Managing the risk associated with high and volatile fuel prices remains a high priority."

Unpaid leave was offered by the airline to its cabin crew to cut its costs, while it has also been cancelling some long-haul flights and retiring less fuel-efficient planes.

The share price of Cathay Pacific is slightly up today (August 14th) on the news that the company returned to profit in the first half of 2013.

Its stocks were trading 0.85 per cent higher at 08:59 BST compared to the start of the day.

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