Cathay Pac. Airw. : Cathay Pacific Swings to 1st-Half Net Loss on Weak Demand, High Oil Prices
08/08/2012| 12:29am US/Eastern
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By Joanne Chiu
Cathay Pacific Airways Ltd. (0293.HK) said Wednesday it swung to a first-half net loss because of rising fuel costs as well as softer demand for passenger travel and freight services.
The blue-chip airline's net loss for the six months ended June 30 was HK$935 million, compared with a first-half net profit of HK$2.81 billion a year earlier.
Revenue rose 4.4% to HK$48.86 billion from HK$46.79 billion.
The Hong Kong-based carrier, which also owns China-focused Hong Kong Dragon Airlines Ltd., didn't recommend a first-half dividend. It recommended a first-half dividend of 18 HK cents in the previous year.
Write to Joanne Chiu at joanne.chiu@dowjones.com
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