Cathay Pacific Airways Ltd. said it expects to post a consolidated profit of HK$4 billion ($512 million) to HK$4.5 billion for the first six-months of the year, joining an industry-wide rebound thanks to rising air fares.

Hong Kong’s main airline rebounded to a consolidated profit in the first six months of the year, the company said in a statement Friday. It will be the first time the company posted a profit in the initial six months of the year since 2019 and the largest since 2010. The gains come despite it operating at about half its pre-Covid passenger flight traffic levels.

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The profit compares to a loss HK$5 billion in the first six months of 2022.

The airline said its first-half performance was driven by a “significant improvement” in results from its core airline operations and subsidiaries. Results from its associates, chiefly Air China Ltd., continued to drag on the company’s performance.