Cathay Pacific net profit slumps 59% in 1H2011; acquires more aircraft

Cathay Pacific reported a better-than-expected 59% year-on-year decline in first half (six months ended 30-Jun-2011) net profit, impacted by rising fuel costs combined with softened demand for passenger travel and freight services amid uncertainty over the global economy although a better-than-expected hedging gain and fuel surcharges eased some of the burden. The carrier has stated that 2011 will be a “normal” year for the airline industry, with the carrier and industry unlikely to see the fantastic growth of last year.

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