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Cathay Pacific Airways nodded to raise fuel surcharges by 7%

Feb. 22, 2012 (China Knowledge) - Cathay Pacific Airways Ltd<0293>, Hong Kong's largest air carrier, has received approval from the Civil Aviation Department to increase its passenger fuel surcharges by 7% next month.

The new maximum levels of fuel surcharges will be raised from HK$215 to HK$230 for short-haul flights, reflecting an increase of 7%, while the ceiling on fuel surcharges for long-haul flights is set at HK$1,039, up 5% from previous HK$988.

Besides Cathay, Singapore Airlines Ltd was granted the permit to raise fuel surcharges for March with the same levels.

The Civil Aviation Department has also granted Japan-based All Nippon Airways Co to raise passenger fuel surcharges for next month only in short-haul flights from HK$215 to HK$230.

Hong Kong-listed Cathay Pacific Airways earned HK$2.81 billion in net profit in the first half of last year, dropping 59% year on year from HK$6.84 billion. But the passenger throughput for the period grew by 1.7% from a year earlier to 13.18 million. The airline has yet released its fiscal report for 2011.

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