Cathay warns of disappointing results
08-01-2009
Cathay Pacific has issued another profit warning, saying plummeting fuel prices and weak passenger volume will take a further toll on the airline's profits. Fuel hedging losses are estimated to be 7.6-billion dollars for the full year in 2008, more than doubling the 2.8-billion loss announced in November, when Cathay first issued a profit warning. The company said first and business class traffic had also fallen significantly since then, and the drop in cargo revenue was expected to be even higher.
