Cathay Pacific has reported its H1 profit as lagging behind estimates, citing competition with Middle East carriers and mounting losses from affiliates.The airline reported net income as increasing fourteen-fold to HK$347 million (US$45 million) in the six months ended in June, compared with the HK$462 million estimated in a media survey of eight analysts. Cathay forecasts business “to be better” during the second half of the year.Cathay also reported that passenger yields fell 3.5% to HK$0.66. Cathay and its Hong Kong Dragon Airlines Ltd. subsidiary carried 15.4 million passengers in the first half of the year, 6.5% more than a

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