Summary Box: Cathay Pacific profit dives

AP News
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Posted: Mar 14, 2012 12:16 PM

EARNINGS DESCENT: Cathay Pacific Airways, Hong Kong's biggest airline, says profit fell 61 percent last year, hurt by persistently high jet fuel prices and weakness in the world's major economies.

FUEL FACTOR: Cathay said fuel costs rose by 44 percent from the year before, reflecting the higher price of jet fuel and flying more routes.

FREIGHT FALLS: Air cargo shipments, which account for 26 percent of revenue, fell 8.6 percent last year. Demand for air cargo from Hong Kong and mainland China began falling in April and remained weak for the rest of 2011.