Cathay Pacific profits hit
March 16, 2013, Saturday
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Print Edition
Print Edition
CATHAY Pacific Airways said its annual profits 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 on Wednesday blamed high fuel prices for weighing down the results. Fuel is Cathay's biggest cost, accounting for 41 percent of its total expense bill.
The airline said average fuel prices rose 1.7 percent and "had a major impact on costs."
Cathay said 2012 profits fell 83 percent to HK$916 million (US$118 million) from HK$5.5 billion in 2011.
Hong Kong's biggest airline on Wednesday blamed high fuel prices for weighing down the results. Fuel is Cathay's biggest cost, accounting for 41 percent of its total expense bill.
The airline said average fuel prices rose 1.7 percent and "had a major impact on costs."
Cathay said 2012 profits fell 83 percent to HK$916 million (US$118 million) from HK$5.5 billion in 2011.
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