Thursday, 15 March 2012

Cathay Pacific profits dive by 61%

Profits at Cathay Pacific have dropped 61% compared with trading figures for 2010. Figures for Cathay Pacific show that in 2011 they made a profit of HK$5.5bn compared with HK$14bn in 2010, when it was one of the world's most profitable airlines.

The airline has attributed rising fuel prices and the tough economic outlook for the significant change in operating profit. Christopher Pratt, Chairman of Cathay Pacific said:

"Economic uncertainties have continued into the first half of this year. While these uncertainties continue, we expect pressure on economy class yields and our cargo business in particular to remain weak.As a result, 2012 is looking even more challenging than 2011 and we are therefore cautious about prospects for this year."

Thankfully Cathay Pacific are likely to have cash in the bank and are still operating at a profit, a position that American Airlines would very much like to be in.