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Cathay Pacific posts first-half net loss of $149 million

Published on Aug 8, 2012 4:27 PM
 
Cathay Pacific employees are seen at a first class booth at the airport in Hong Kong on Aug 7, 2012. 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. -- PHOTO: AFP

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.

 
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