FIRST HALF PROFITS TUMBLE AT CATHAY PACIFIC

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By TESTCustomwebLP TESTCustomwebLP August 10, 2011 08:58

FIRST HALF PROFITS TUMBLE AT CATHAY PACIFIC

Cathay Pacific has posted a 44% fall in first-half operating profit due to high fuel costs. Operating profit before non-recurring items tumbled to HK$2.8 billion ($359 million) from HK$5 billion a year earlier, while net income fell 59% to HK$2.8 billion, after one-time gains a year earlier.

Cathay’s first-half fuel costs, excluding hedging, rose 49.5 % because on higher oil prices and increased services. Cargo load factors also declined as capacity growth outpaced demand.

Cathay’s sales rose 13% in the first half to HK$46.8 billion, and the airline declared an interim dividend of 18 Hong Kong cents per share, compared with 33 Hong Kong cents a year earlier.

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By TESTCustomwebLP TESTCustomwebLP August 10, 2011 08:58
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