Cathay Pacific posts first-half net loss of $149 million
HONG KONG (AFP) - Cathay Pacific Airways posted a first-half net loss of HK$935 million (S$149 million) on Wednesday, citing higher fuel prices, strong competition and economic instability in Europe.
The loss for the six months ended June 30 compared with a first-half net profit of HK$2.81 billion a year earlier, representing a 133 per cent reversal for the blue-chip Asian airline.
Revenue rose 4.4 per cent to HK$48.86 billion.
Cathay shares were down 4.94 per cent in afternoon trade at HK$12.28, as analysts expressed surprise at the depth of the loss despite a May profit warning from the company.