Cathay Pacific profit nearly doubles

Cathay Pacific profit nearly doubles

Cathay Pacific Airways says its annual profit nearly doubled in 2015 as passenger demand grew and tumbling oil prices cut its fuel bill.

Hong Kong’s biggest airline said on Wednesday net income jumped 90.5 per cent from the year before to $HK6 billion ($A1.04 billion).

Airlines are benefiting from the drop in the price of crude oil, which went from more than $US100 a barrel to the $US30 level in the two years.

Cathay said jet fuel costs fell 18 per cent in 2015, even after taking into account losses from hedging aimed at minimising fuel-bill volatility that locked the carrier into higher prices.

The company, which also operates Asian regional carrier Dragonair, said passenger numbers grew 7.9 per cent.

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