File photo of an airplane owned by Hong Kong-based Cathay Pacific Airways. [Photo: sina.com.cn]

Cathay Pacific is reporting its almost doubled its net profits through this past year.

The company has earned over 770 million US dollars.

Cathay Pacific's performance has beaten market expectations.

Declining fuel costs are said to be the main reason behind the Hong Kong-based company's profit spike.

Fuel costs for Cathay Pacific, as well as for its subsidiary Dragonair, fell nearly 40 percent year on year last year.

While Cathay's profits are up, its overall revenues are down by 3.4 percent.

Competition, fuel surcharges and currency fluctuations are being blamed.