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Cathay Pacific Airways swings to loss in H1

Aug. 10, 2012 (China Knowledge) - Cathay Pacific Airways Ltd<0293>, the flagship carrier of Hong Kong, announced that it suffers a net loss of HK$935 million in the first half of this year, compared with a net profit of HK$2.81 billion in the corresponding period of 2011.

The company said that the significant contributor to its losses was due to rising fuel costs and an exchange loss caused by the depreciation of many major currencies against the HK and U.S. dollar.

The air carrier's loss per share for the period was HK$0.24 and no dividend was declared.

In the first half of this year, Cathay Pacific Airways saw its operation revenue increased 4.4% YoY to HK$48.86 billion.

The company carried a total of 14.31 million passengers in the six-month period, up 8.6% YoY, while its cargo and mail throughput amounted to 754,000 metric tons, down 9.8% from a year earlier.

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