Cathay Pacific reports 1% to 2% decline in business revenue in 1H2012
Cathay Pacific COO Ivan Chu stated revenue increased 1% year-on-year in the first six months of 2012, with capacity increasing 3% year-on-year over this period, according to a Takungpao report. Mr Chu attributed the result to the global economic recession, which has seen market fares decline by 5% to 6%. According to Mr Chu, Cathay increased its business class capacity by 7% but only reported a 1% to 2% increase in business class revenue. Mr Chu said the carrier is expecting improved results in the second half of this year with July and August being traditionally peak months.