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Cathay Pacific is expected to post a profit in 2018 thanks to the strength of its cargo business, a return of fortune for the carrier after two consecutive years of losses due to competition from rivals of mainland China and the Gulf.
The Hong Kong airline announced Wednesday that it would record a profit of HK $ 2.3 billion ($ 293 billion) for the year ending December 31, rebounding after a loss of $ 1.26 billion. in 2017. In 2016, the carrier has annual loss in eight years.
The company's new outlook is more than double the median forecast of a Refinitiv badyst survey that projected profits of HK $ 1.1 billion.
Cathay said it has seen an improvement in the revenue management of its pbadenger activity and performance, despite the competition, adding that its freight business was "strong".
Cathay reported a loss of $ 33.5 million in the first six months of 2018 due to higher fuel costs.
The airline launched a transformation program in 2017, which included replacing its managing director and job cuts at its Hong Kong headquarters, with the goal of reversing losses. On Wednesday, he said the program had a "positive impact".
Cathay will release its annual results in March.
The carrier's shares listed in Hong Kong were hit in October after revealing a data leak affecting up to 9.4 million pbadengers, but on Wednesday they had risen 6.6% after the announcement, which which puts it on the path of the best day since 2011.
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