Cathay Pacific Posts Surge In 2013 Profit

Hong Kong's Cathay Pacific Airways CPCAY reported a strong gain in its 2013 earnings. Cathay Pacific's net profit for the year surged to 2.62 billion Hong Kong dollars (US$337.0 million), versus a year-ago profit of HK$862 million. However, analysts were expecting a profit of HK$2.74 billion. Its revenue increased 1% to HK$100.48 billion versus HK$99.38 billion. Cathay Pacific also recommended a final dividend of 16 Hong Kong cents, versus 8 Hong Kong cents in the earlier year. Cathay Pacific shares closes at $10.03 yesterday.