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23-Feb-2011 9:49 AM

Cathay Pacific does not expect 2011 earnings to reach 2010 levels

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.