Huge profit drop for Cathay in 2012

Air

Wednesday, March 13, 2013

Cathay Pacific Group's profit for 2012 fell 83.3 percent, year over year, to HK$916 million ($118 million) due to a mix of high fuel prices, weak air cargo demand and passenger yield pressure. Officials also pointed to the tough European economy and increased competition as factors for the severe drop in profitability. Air cargo revenue fell by 5.5 percent, year over year, in 2011. The HK$24.55-million finish accompanied a 3.1-percent drop in capacity and a 3 per...

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