Cathay profits hit by rising fuel bill
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Cathay Pacific’s profits slumped 58.9% to HK$2.81 billion (US$359.8 million) in the first half of 2011, as jet fuel prices soared. The Hong Kong-based airline actually achieved a 13.2% increase in revenue for the six-month period, to HK$46.79 billion, with passenger revenue jumping 15.9%. The results were affected however, by the rise in jet fuel prices – the group’s biggest single cost, which increased 49.5% compared to the same period in 2010.
Commenting on the results, Cathay Pacific’s Chairman, Christopher Pratt said; “After an exceptionally strong 2010
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