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Cathay Pacific does not expect 2011 earnings to reach 2010 levels

23-Feb-2011 9:49 AM

Cathay Pacific outgoing CEO Tony Tyler stated that he would be "surprised" if 2011 is "as good as last year" (Dow Jones, 22-Feb-2011). The carrier has forecast a 2010 net profit of at least HKD12.5 billion (USD1.6 billion). It will report next month. Mr Tyler added that keeping up with the service "arms-race" in premium product developments is necessary to maintain the carrier's premium brand image and to counter intensifying competition, notably from Middle East carriers. "If we didn't do it there would be a slow spiral down," he said.