Cathay Pacific buys 27 new Airbus

HONG KONG: Cathay Pacific said Wednesday that it would buy 27 planes from Airbus and Boeing in a deal worth as much as $6.55 billion, as the carrier reported a record profit for 2010.

The Hong Kong airline said it had struck a deal with European aircraft maker Airbus for 15 A330-300s and a separate agreement with US-based Boeing for 10 777-300ERs. The purchase also included two more Airbus A350-900s, Cathay said, adding that all the models would be delivered before the end of 2015.

The total list price for the new planes was HK$51 billion ($6.55 billion) although they would "be acquired at a considerable discount, as is the usual practice in such transactions," Cathay said.

Cathay also said it booked a net profit of HK$14.05 billion in 2010 nearly triple the 2009 result of $4.69 billion.