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Asia's once-beleaguered air carriers are starting to ring up some unprecedented cargo growth numbers as the regional economic recovery starts to show up in strong cash flow for their freight businesses.
Cathay Pacific saw its cargo revenue grow 29 percent in the first six months of the year, to US$589.5 million, expanding the freight division's share of total Cathay revenue to 28.5 percent. Cathay now projects a full-year profit of around $500 million, an about-face from the depths of the regional recession in 1998, when Cathay showed its first loss in 35 years.
The airline numbers follow a report by the International Air Transportation Association that …