SINGAPORE (Reuters) – Hong Kong’s Cathay Pacific Airways Ltd on Wednesday reported a HK$2.35 billion ($299.37 million) annual profit after two consecutive years of loss, as it benefited from rising airfare and a turnaround plan designed to lower costs and boost revenue.

The profit for the year ended Dec. 31, aided by out-of-the-money fuel hedges rolling off, compared with a HK$1.25 billion loss in 2017.

The result was in line with the airline’s guidance of HK$2.3 billion in profit issued on Feb. 20, which was more than double analyst estimates at the time and sent shares soaring 9 percent on the day.

Cathay reported HK$111 billion in revenue in 2018, up 14.2 percent from the prior year, driven by its passenger and cargo businesses.

($1 = 7.8498 Hong Kong dollars)