Cathay P 高壓清洗機 acific posts loss of HK$8.6 bln for 2008
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Cathay Pacific posts loss of HK$8.6 bln for 2008Published: 11 Mar 2009 21:44:30 PSTMar. 12, 2009 (China Knowledge) – Cathay Pacific Airways Ltd<293>, the largest carrier in Hong Kong, Wednesday posted a loss of HK$8.6 billion for 2008 on fuel hedging contracts and weak demand amid the global financial crisis, sources reported.The airline said its fuel hedging loss at the end of 2008 widened to HK$7.6 billion, including unrealized losses from contracts which are to expire in the next few years, due to the declining global oil price.The total cargo volume of the carrier declined 1.6% to 1.64 million tons due to the weak demand, while its passenger volume increased 7.3% year on year to 25 million in 2008.The significant loss was the biggest annual loss ever, said the carrier, adding that it expects the weak travel demand to continue this year.After posting the huge loss for 2008, the company decided to delay the delivery of new aircraft and cut capacity. However, it has no immediate plan to tap the capital markets to raise cash.Copyright © 2009 http://www.chinaknowledge.comSend feedback or comments to: news@chinaknowledge.comFor more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: To access our page on Bloomberg, type CKFI Related TopicsChina Newsin stock kitchen cabinets ro rmt lithium batteries 3d wall panels kitchen accessories