Cathay Pacific posts first loss in 10 years
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Cathay Pacific Airways has posted its first annual loss in 10 years after making wrong-way bets on fuel prices and suffering from slowing demand because of the global recession.
According to a Bloomberg report, the Hong Kong-based carrier recorded a HK$8.56 billion (US$1.1 billion) net loss for full-year 2008, compared with a HK$7.02 billion profit a year earlier. It was the airline’s first annual loss since the Asian financial crisis in 1998.
Comments are closed.