IBTimes UK

Cathay Pacific's net profit for 2015 rose 90.5 percent, boosted by the low oil prices.

The Hong Kong flagship carrier's net profit was $773 million (HK$6 billion), compared with HK$3.15 billion the year before.

Analysts had estimated net profit of HK$5.7 billion, Reuters reported. "The business benefited from low fuel prices," Hong Kong-listed Cathay's chairman John Slosar said, adding that fuel costs for the carrier dropped 37.8 percent last year.

"The operating environment was better in 2015 than in 2014, but we faced some significant challenges which we expect to continue in 2016," Slosar added.

Cathay said it lost HK$8.47 billion on hedging. The company had hedged 63 percent of its oil needs in 2015 at an average of US$91 a barrel.

For the current year, the company has hedged oil needs at US$85 a barrel.

Cathay shares rose 3.14 percent to HK$13.8 following the results.