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Mar 11, 2009, 6:12 GMT

Cathay Pacific announces record 1.1 US billion dollar loss

Hong Kong - Hong Kong's flagship airline Cathay Pacific Wednesday announced a record 1.1-billion-US-dollar operating loss for 2008, blaming high fuel prices and a sharp fall in passenger and cargo demand. Earnings fell by more than 220 per cent from a profit of 7 billion Hong Kong dollars (900,000 US dollars) in 2007 to a loss of 8.55 billion Hong Kong dollars (1.1 billion US dollars) in 2008. Turnover rose by 14.9 per cent year-on-year to 86.5 billion Hong Kong dollars (11.15 billion US dollars) but high fuel prices in the first half of the year and a subsequent plunge in passenger and cargo demand in the second half caused the profit slump, the airline said. 'Having made a painful adjustment to high fuel prices, the aviation industry now has to adjust to a severe economic downturn,' Cathay Pacific chairman Christopher Pratt said. '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.' The loss, although widely expected and preceded by profit warnings, is the highest ever annual loss for Cathay Pacific and its first since the 1998 Asian economic crisis.

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