CPA profit doubles

HONG KONG: Cathay Pacific Airways (CPA) said on Wednesday that 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 that net income jumped 90.5 per cent from the year before to six billion Hong Kong dollars ($773 million). Cathay and other airlines are among the biggest beneficiaries of the drop in the price of crude oil, which has fallen from more than $100 a barrel in mid-2014 to the $30 level in recent months. The airline said the amount it spent on jet fuel, which is its single biggest expense, fell 18 per cent to 33 billion Hong Kong dollars ($4.2 billion) last year.