KEY POINTS:
Booming demand for premium seats has helped push Cathay Pacific Airways' profit to HK$7.023 billion ($1.123 billion) for the past year, up from HK$4.088 billion for the previous 12 months.
The 2007 result - the first to include a full year's contribution from subsidiary Dragonair - is a record annual profit for the Cathay Pacific Group.
Group turnover increased by 24 per cent to a record HK$75.358 billion in 2007.
The airline said fuel prices rose by 21 per cent over the year and these were only partially offset by fuel surcharges.
Passenger demand was high throughout the year, and Cathay Pacific carried a record 17.8 million passengers in 2007 - an increase of 6.2 per cent.
Strong demand from premium passengers helped to push yield up 11.1 per cent to HK$52.20 per seat kilometre, helping total passenger revenue to a new high of HK$39.299 billion - an increase of 17 per cent over 2006.
Cathay Pacific chairman Christopher Pratt said he expected competition over the next year to intensify. "High and volatile fuel prices will continue to have an impact on our business - as will any slowdown in economic activity."
New Zealand and Pacific Islands manager David Figgins said the New Zealand service had benefited from the growing trade and tourism links with China. "New Zealand is now firmly part of the Asian trading region. Our multiple entry points into China will benefit New Zealand exporters with the forthcoming Free Trade Agreement between New Zealand and China.
