Cathay Pacific logs double-digit revenue growth as costs eat into profit

HONG KONG -- Cathay Pacific Airways, Hong Kong's flag carrier, announced solid revenue growth for the first half of the year thanks to a steady recovery in air traffic, although rising costs weighed on its bottom line.

The airline's revenue for the first six months was 49.60 billion Hong Kong dollars ($6.36 billion), up 13.8% on the year. But net profit fell 15.3% to HK$3.61 billion, as various expenses rose alongside flight resumptions, including fuel, the largest cost item. This was compounded by falling ticket prices from highs seen immediately after the post-pandemic reopening.