Cathay Pacific reports HK$1.7bn operating loss

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Cathay Pacific appears to be in much worse shape than analyst expectations. Yesterday we quoted analysts in the South China Morning Post anticipating a HK$1.2bn first half loss for the Hong Kong-based carrier. In fact, the airline’s six-month results , released today, show a HK$1.7bn operating loss. In a statement, Cathay put the losses down to increased competition, higher fuel costs, the strength of the Hong Kong dollar, and the growing costs of aircraft maintenance. But it wasn’t all doom ...