Hong Kong's Cathay Pacific Airways reported marginal full-year profit growth on Wednesday, but airfares fell because of intense competition as Asia's airlines continue to restore seat capacity after the pandemic.

The Cathay Group has reported an attributable profit of $1.27 billion for 2024, marking an 1.02% increase from a profit of $1.25 billion in 2023.

The airline said its annual net profit rose slightly but flagged the potential threat that trade conflicts pose to supply chains in the industry.