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HK largest airline posts loss amid soaring fuel costs
Cathay Pacific Airway reports first-half loss amid soaring fuel costs
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Posted 07 August 2008 @ 07:12 am HKT
HONG KONG (AP) -- Cathay Pacific Airways Ltd., Hong Kong's largest carrier, reported a first-half loss Wednesday as soaring fuel costs offset growth in passenger and cargo traffic.
Cathay Pacific Chief Executive Tony Tyler. (Photo from Cathay Pacific Ltd., )
Internet in Mideast including Egypt, India cut offThe company's balance sheet also was hurt by a $60 million fine imposed by the U.S. government in a price-fixing investigation.
Losses amounted to HK$663 million ($85 million) during the six months ended June 30, compared to a profit of HK$2.58 billion ($330 million) in the year-ago period, the airline said in a statement.
The airline warned last month that financials results would be "disappointing" because of mounting fuel costs, saying it was paying 60 percent more for jet fuel in the first half.
Shares in Cathay Pacific are down nearly 28 percent this year.
Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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