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Cathay Pacific orders another 14 777X jets; half-year profits tick higher

Hong Kong-based Cathay Pacific Airways ordered 14 additional Boeing 777-9 aircraft on Wednesday and reported a 1% rise in its first-half profits on the backs of increasing passenger numbers, lower gasoline prices and a stable cargo performance. The order for the planes exercises options that were secured by Cathay Pacific Airways as part of its 2013 order of 21 next-generation wide body jets. It also adds the option to buy another seven aircraft in the future.

Cathay stated that the 14 jets were listed at $8.1 billion but had received significant discounts as is standard for major airlines.

Boeing's long-delayed 777-9 - the latest version of Boeing's 777 – hasn't yet been certified by U.S. Federal Aviation Administration. Boeing CEO Kelly Ortberg stated last month that the model was undergoing flight tests and the planemaker hopes deliveries will begin next year.

Cathay announced in March that it expects to deliver its first 777-9 in early 2027.

The airline reported a profit of HK$3,65 billion ($465m) for the first half of 2018. However, it warned that there was uncertainty in the cargo market as well as continued challenges with its low-cost carrier HK Express. Reporting by Lisa Barrington from Seoul, Sameer Manekar from Bengaluru and Jamie Freed and Sonia Cheema editing.

(source: Reuters)