Mar. 15, 2012 (China Knowledge) - Cathay Pacific Airways Ltd<0293
>, the flagship carrier of Hong Kong
, said yesterday that its net profit declined 61% year on year to HK$5.50 billion in 2011.
The company said that the significant decrease in net profit was due to rising fuel costs, weaker demand for its freight services and a high comparison boosted by HK$3.03 billion of one-off gain in 2010.
Excluding the one-off gains, the company's underlying profit fell 50.1% last year.
The carrier proposed a second interim dividend of 34 HK cents, taking its total dividend for 2011 to 52 HK cents.
Cathay Pacific saw its revenue grew 9.9% year on year to HK$98.41 billion.
The company expected weakness for its cargo operations to continue this year.