Cathay Pacific hits 11-year high on strong H1 profit growth
BUZZ-Cathay Pacific hits 11-year high on strong H1 profit growth Updates stock moves, milestones
** Shares of Cathay Pacific Airways 0293.HK climb 3.3% to HK$14.88, their highest since August 2015.
** Stock set for biggest one-day pct gain since July 23, snapping two straight falling sessions
** The flagship Hong Kong carrier reported its best first-half profit since 2010 on Wednesday as strong passenger and cargo demand and a one-time gain from its Air China 0753.HK stake sale offset higher fuel prices
** Cathay Pacific's first-half net profit rose 71% y/y, revenue climbed 25.3% y/y and profit margin grew to 9.2% from 6.7%
** "Looking ahead, summer travel demand going into the third quarter is looking strong," Chairman Guy Bradley said, adding the company remains "cautiously optimistic" for the rest of the year
** YTD, stock up 19.1%, benchmark Hang Seng Index .HSI up 1.2%
(Reporting by Donny Kwok)
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