Cathay posts record H1 net, to buy 30 Airbus planes

Hong Kong's dominant air carrier Cathay Pacific Airways posted record first half earnings on higher passenger and freight traffic volumes and one-time gains due to asset sales.

Cathay, Asia's No 4 carrier by market value, made a net profit of HK$6.84 billion ($872 million) for the six months ended June, beating an average forecast of HK$4.13 billion from six analysts polled by Reuters.

That compared with a net profit of HK$812 million during the same period last year.

Cathay's bigger rival Singapore Airlines, the world's No 2 airline, also posted a strong profit for the first quarter ending in June as the battered global aviation sector regained strength.

The company also announced it would buy 30 Airbus planes, with a catalogue price of $7.82 billion.