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.
Learn about the Asian markets and CFD trading at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.