Cathay Pacific 2014 profits below expectations

Hong Kong: Hong Kong flag carrier Cathay Pacific’s net profit for 2014 rose more than 20 per cent but failed to meet analysts’ expectations, results showed Wednesday, with the airline hit by losses on fuel hedging. Cathay, whose shares dipped on the news, insisted that overall demand was strong and its outlook was positive, after reporting a slow start to 2014, affected by high fuel prices and weakness in the air cargo market. Net profit for last year stood at HK$3.15 billion (Dh1.49 billion, $406 million), 20.2 per cent higher than the previous year’s figure of 2.62 billion dollars, it said in a filing to the Hong Kong stock exchange. But the figure fell short of expectations, with a survey of 16 analysts by Bloomberg News forecasting a profit of $3.49 billion. Cathay shares closed down 0.59 per cent at $16.94 dollars while the Hang Seng index ended up 0.91 per cent.