Hong Kong flag carrier Cathay Pacific said Wednesday that net profit for 2015 rose 90 percent, beating expectations, with the firm attributing the surge to huge savings on fuel as oil prices tumbled.

The Hong Kong-listed company reported a net profit of HK$6 billion ($773 million), compared with HK$3.15 billion the year before.

This compares with the average estimate of HK$5.32 billion by 13 analysts questioned by Bloomberg.

“The business benefited from low fuel prices,” the firm’s chairman John Slosar said in a statement filed to the Hong Kong Stock Exchange.

Fuel costs for the carrier, and its subsidiary Dragonair, plunged 37.8 percent, it said.

Savings were partially offset by a widened hedging loss, which increased to HK$8.47 billion.

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