Cathay Pacific says 2012 net profit slumps 83.3% on high fuel prices
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This picture taken on December 7, 2012 shows a Cathay Pacific plane on the tarmac of the international airport in Hong Kong. The union representing Cathay Pacific flight crews said on December 20, 2012 it had shelved plans for industrial action over the Christmas holidays after the airline agreed to improve their working conditions. -- FILE PHOTO: AFP
HONG KONG (AFP) - Cathay Pacific said Wednesday 2012 net profit plunged 83.3 percent, as the Hong Kong flag carrier was hit by persistently high fuel prices and weak air cargo demand.
The airline said profit stood at HK$916 million (S$147 million), down from the HK$5.5 billion it recorded in 2011. Revenue rose 1.0 per cent to HK$99.4 billion from HK$98.4 billion in 2011.
"Economic uncertainty, particularly in the eurozone countries, and an increasingly competitive environment added to the difficulties," chairman Christopher Pratt said in a statement to the Hong Kong stock exchange.
"It was a challenging year for the aviation industry generally."
