Cathay Pacific profit drops 83% in 2012

Cathay Pacific 747-8F. Courtesy, Boeing Cathay Pacific Group reported a net profit of HK$916 million ($118 million) for 2012, down 83.3% from a HK$5.5 billion profit in the year-ago period. The carrier cited high fuel prices, economic uncertainty, particularly in the eurozone countries and an increasingly competitive environment for the profit decline. Operating revenue grew 1.0% to HK$99.38 billion while operating expenses jumped 5.03% to HK97.59 billion. Fuel costs increased 0.8% ...