Cathay Pacific to purchase 27 new Airbus and Boeing aircraft; reports record profit in 2010
Cathay Pacific announced plans to acquire 27 Airbus and Boeing aircraft in agreements worth around USD6.55 billion at list prices (AFP, 09-Mar-2011). The carrier will acquire 15 A330-300s and two A350-900s from Airbus and 10 B777-300ERs from Boeing. The carrier added that all the aircraft would be delivered prior to the end of 2015. Separately, Cathay Pacific stated (09-Mar-2011) full year earnings surged 199.3% year-on-year in 2010 to HKD14.05 billion (USD1.8 billion), the carrier’s best-even annual profit, on robust traffic and gains from asset disposals. The company had forecast a net profit of at least HKD12.5 billion (USD1.6 billion) for 2010, compared with HKD4.69 billion (USD602 million) posted for 2009. Despite the record result, the carrier expressed caution over escalating oil prices for 2011.