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Cathay Pacific 1H profit drops 59%
by hlk Wed 10 Aug 2011, 18:42
HONG KONG: Cathay Pacific Airways Ltd. says first half profit fell 59 percent, buffeted by rising fuel costs.
The airline said Wednesday it posted profit of Hong Kong dollars 2.81 billion ($359.6 million) for the January-June period on revenue of HK$46.79 billion.
It had profit of HK$6.840 billion on turnover of $41.34 billion in the same period last year.
A statement from the airline says "increased jet fuel prices had a significant effect on operating results."
It says fuel costs are its largest single expenditure.
The airline said Wednesday it posted profit of Hong Kong dollars 2.81 billion ($359.6 million) for the January-June period on revenue of HK$46.79 billion.
It had profit of HK$6.840 billion on turnover of $41.34 billion in the same period last year.
A statement from the airline says "increased jet fuel prices had a significant effect on operating results."
It says fuel costs are its largest single expenditure.
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