(MENAFN) Hong Kong flag carrier Cathay Pacific's net profit for 2014 rose more than 20 percent, but failed to meet expectations, with the airline hit by losses on fuel plunging, Oman Observer reported.
Cathay insisted that overall demand was strong and its outlook was positive, after reporting a slow start to 2014, affected by high fuel prices and weakness in the air cargo market.
Net profit for last year stood at USD406 million, 20.2 percent higher than the previous year's figure of USD2.62 billion, it said in a filing to the Hong Kong stock exchange.
"For the full year, passenger demand was reasonably firm, with high demand during the peak summer and Christmas periods," Cathay chairman said in the filing.
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