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Updated Thursday, March 11, 2010 11:09 am TWN, AP

Cathay Pacific Airways returns to full-year profit

HONG KONG -- Cathay Pacific Airways Ltd. returned to profit in 2009 as cost-cutting measures and bets on fuel prices helped Asia's No. 3 carrier rebound from its biggest loss ever the year before. Hong Kong's flagship airline reported profit of HK$4.7 billion (US$601 million) in the 12 months ending Dec. 31, the company said in a statement Wednesday.

That compared to a record loss of HK$8.6 billion (US$1.1 billion) in 2008 amid plummeting demand for travel and volatile fuel prices that soured the company's hedging contracts. For all of 2009, revenue declined by nearly 23 percent to around HK$70 billion (close to US$9 billion).

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