Cathay Pacific flying more cargo

Hong Kong's airline reports its first significant freight growth in 18 months.

Cathay Pacific Airways Ltd said freight traffic has begun climbing again, thanks to Christmas orders. Volume, however, remains below peak levels seen in 2010.

Cathay Pacific posted its first meaningful growth in 18 months in September. It flew 4% more cargo in September year-on-year due an increase in high-tech products but tonnage declined by 8.3% for the first nine months.

Weak demand from key markets of China and Hong Kong and slumping Asia-to-Europe traffic forced Cathay to park two older 747 cargo aircraft earlier this year.

COO Ivan Chu said the airline saw some improvements in cargo volume in the last few weeks due to demand for seasonal Christmas cargo.

A slump in global freight shipments plus rising fuel prices and slowing demand for premium travel sent Cathay Pacific into the red in the first half.