A 5% decline in fuel expenses enabled the U.S. airline industry to turn a modest profit in the first six months of 2013. Trade group Airlines For America reports the 10 largest carriers posted a collective net profit of $1.6 billion on revenue of $72.8 billion, up from a $1.2 billion profit in the first half of 2012. Cathay Pacific Airways plans a leadership transition in March, with Chief Commercial Officer Ivan Chu taking over from CEO John Slosar, who will become chairman of Cathay Pacific, Hong Kong Aircraft Engineering Co. and other Swire Group companies. Current Chairman Christopher Pratt plans to retire.
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