Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Cathay Pacific posts record annual loss in 2008
+ -
16:37, March 11, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Related News
 Cathay Pacific carries more passengers in January
 Cathay Pacific to open freighter services to two more U.S. cities
 Cathay Pacific to help stranded Oasis passengers
 Cathay Pacific backs off bid for shares in China Eastern: report
 Comment  Tell A Friend
 Print Format  Save Article
The Hong Kong-based airline Cathay Pacific Group announced here Wednesday a record attributable loss of about 8.56 billion HK dollars (1.1 billion U.S. dollars) in 2008, compared with a profit of 7.02 billion HK dollars (906 million U.S. dollars) in the previous year.

Cathay Pacific said in its annual reports that the fall in fuel prices caused unrealized mark-to-market losses of 7.6 billion HK dollars (1 billion U.S. dollars) on fuel hedging contracts for the period 2009-2011.

Group turnover rose by 14.9 percent to 86.58 billion HK dollars(11.17 billion U.S. dollars) in 2008, according to Cathay Pacific's annual reports.

The airline said business in the first six months of 2008 was generally strong, but extremely high fuel prices in the first half of the year and a plunge in both passenger and cargo demand in the second half as a result of the global financial crisis adversely impacted the financial results.

Cathay Pacific Chairman Christopher Pratt said in the report that the airline had made a "painful adjustment" to high fuel prices, and the aviation industry now has to adjust to a severe economic downturn.

"Cathay Pacific expects an extremely challenging year in 2009. Passenger and cargo demand are expected to remain weak and, if fuel prices remain at their present levels, further losses on fuel hedging contracts will be incurred," Pratt said.

Up to the end of February 2009, Cathay Pacific's unrealized mark to market losses on fuel hedging of 1.9 billion HK dollars ( 245 million U.S. dollars) have been incurred in 2009, compared with 7.6 billion HK dollars (1 billion U.S. dollars) for the whole of 2008, according to its annual report.

Pratt said the 2009 losses principally reflect reductions in the forward prices payable for fuel during the periods in which the relevant fuel hedging contracts will mature.

"Despite current difficulties, Cathay Pacific will continue to offer a superb international network through the Hong Kong hub, bolstered by the synergies with our sister carrier Dragonair and a continued strong relationship with Air China," he said.

Source: Xinhua

  Your Message:   Most Commented:
British boy becomes father at 13
Looted Chinese relics sold for 14 million euros each
China hits back with report on U.S. human rights record
Full Text of Human Rights Record of United States in 2008
Spanish Tibetologist: "What I see and hear in Tibet differs from Dalai Lama's propaganda"

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved