Cathay Pacific profit nearly doubles as fuel cost falls

HONG KONG – Cathay Pacific Airways says annual profit nearly doubled in 2015 as passenger demand grew and tumbling oil prices cut its fuel bill.

Hong Kong's biggest airline said Wednesday that net income jumped 90.5 percent from the year before to 6 billion Hong Kong dollars ($773 million).

Airlines are benefiting from the drop in the price of crude oil, which has gone from more than $100 a barrel to the $30 level over the two years.

Cathay said jet fuel costs fell 18 percent last year even after taking into account losses from hedging aimed at minimizing fuel-bill volatility that locked the carrier into higher prices.

The company, which also operates Asian regional carrier Dragonair, said passenger numbers grew 7.9 percent.