Cathay Pacific Airways Ltd., the biggest carrier of Hong Kong, reported a strong profit in second half of the fiscal 2009. According to the company, the profit in the second half was impacted largely by the sale of its stake in Hong Kong Aircraft Engineering Co Ltd. Also, the improved passenger traffic in late 2009 and the recovery in air cargo segment helped the company in posting strong profits.

For the second half, Cathay Pacific, the fifth largest carrier of Asia by market value, reported net income of HK$3.88 billion, while in the same period last year the company posted a net loss of HK$7.9 billion. Total revenue in the last six months of the year was reported of HK$36 billion, decreasing by 18%.

Cathay Pacific reported a net income of HK$4.7 billion in FY 2009, while in FY 2008 the company posted a net loss of HK$8.7 billion. The net income in FY 2009 topped the estimates of the analysts who were expecting a profit of HK$2.25 billion for the year. Total revenue for the year was reported to HK$67 billion, decreasing by 23%. The operating profit for FY 2009 was reported of HK$285 million, comparing to operating loss of HK$1.44 billion for FY 2008.

Cathay Pacific also provided the outlook for the coming fiscal. The airline remained cautious for FY 2010 on the rising oil prices and premium passenger demand.