Cathay Pacific Airways has reported a first-half loss of HK$935 million ($121 million) caused by a 10% fall in freight volumes due to poor demand on European and North American routes. Overall sales were up however by 4.4% to HK$48.9 billion. Cargo revenue fell 7.6% to HK$11.9 billion, with just 64.3% of freight space filled during the period – a 4.1% drop over last year’s results. The airline also incurred a HK$247 million loss from scrapping an aircraft as it replaces its 747-400 aircraft. The airline is currently selling four 747-400 passenger planes converted into freighters to Air China Cargo.

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