Cathay Pacific Airways returned to profit in the first half of 2009 thanks to fuel hedge gains and cost/capacity cuts, posting an HK$812 million ($104.8 million) surplus compared to a HK$760 million loss in the year-ago semester. Six-month revenue plunged 27.1% year-over-year to HK$30.92 billion, but expenses fell 32.2% to HK$28.88 billion as CX reduced capacity, negotiated concessions from employees and benefited from a HK$2.1 billion unrealized mark-to-market fuel hedge gain. Operating ...

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