Cathay Pacific's profit sinks over 80%
Source: Agencies |
March 14, 2013, Thursday
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Print Edition
Print Edition
CATHAY Pacific Airways Ltd yesterday said its annual profit tumbled by more than 80 percent because of high jet fuel prices, global economic uncertainty and weak demand for air cargo.
Hong Kong's biggest airline blamed stubbornly high fuel prices for weighing down the results.
Jet fuel is Cathay's biggest cost, accounting for 41 percent of its total expense bill.
The airline, which also owns regional Hong Kong-based carrier Dragonair, said "sustained" high fuel prices throughout most of 2012 "had a major impact on operating costs."
Chairman Christopher Pratt said it was a "challenging year" for the aviation industry.
"Economic uncertainty, particularly in the eurozone countries, and an increasingly competitive environment added to the difficulties," Pratt said in a statement.
Profit from more lucrative business and first class tickets fell as companies cut back on travel while weak demand from major export markets, especially Europe, hurt the carrier's air cargo business.
Cathay said 2012 profit fell 83 percent to HK$916 million (US$118 million) from HK$5.5 billion in 2011.
Hong Kong's biggest airline blamed stubbornly high fuel prices for weighing down the results.
Jet fuel is Cathay's biggest cost, accounting for 41 percent of its total expense bill.
The airline, which also owns regional Hong Kong-based carrier Dragonair, said "sustained" high fuel prices throughout most of 2012 "had a major impact on operating costs."
Chairman Christopher Pratt said it was a "challenging year" for the aviation industry.
"Economic uncertainty, particularly in the eurozone countries, and an increasingly competitive environment added to the difficulties," Pratt said in a statement.
Profit from more lucrative business and first class tickets fell as companies cut back on travel while weak demand from major export markets, especially Europe, hurt the carrier's air cargo business.
Cathay said 2012 profit fell 83 percent to HK$916 million (US$118 million) from HK$5.5 billion in 2011.
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