Cathy Pacific profits plunge 62%

Written by Your VIPTRIP Team on March 19th, 2012

Cathay Pacific

News reports state that Cathay Pacific (CX) Group posted a net profit of HKD5.5 billion ($709 million) for 2011, down 62% over net income of HKD14.05 billion in 2010. CX said the results were affected by “persistently high jet fuel prices” and weak cargo demand due to “instability and uncertainty in the world’s major economies.”

Operating revenue climbed 9.9% to HKD98.4 billion while operating expenses jumped 19.4% to HKD92.9 billion. Fuel costs rose 37.5% to HKD38.88 billion.

Cathay Pacific Airfare Specials Auckland to Japan, China, Europe, South Africa,  Singapore

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