SINGAPORE, March 13 (Reuters) - Hong Kong’s Cathay Pacific Airways Ltd on Wednesday reported a HK$2.35 billion ($299.37 million) annual profit after two consecutive years of loss, as it benefited from rising airfare and a turnaround plan designed to lower costs and boost revenue.
The profit for the year ended Dec. 31, aided by out-of-the-money fuel hedges rolling off, compared with a HK$1.25 billion loss in 2017.
The result was in line with the airline’s guidance of HK$2.3 billion in profit issued on Feb. 20, which was more than double analyst estimates at the time and sent shares soaring 9 percent on the day.
Cathay reported HK$111 billion in revenue in 2018, up 14.2 percent from the prior year, driven by its passenger and cargo businesses. ($1 = 7.8498 Hong Kong dollars)
Reporting by Jamie Freed; Editing by Himani Sarkar and Christopher Cushing