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Thread: Cathay Pacific reports HK$663 million loss 1H 2008

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    Mal
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    Cathay Pacific reports HK$663 million loss 1H 2008

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    Cathay Pacific - About Us : Press Room

    Ouch. Looks like fuel costs are really biting hard - it's a -125.7% change on last year's 1st Half result.

    Cathay Pacific Airways today announced a loss of HK$663 million in its 2008 Interim Results. This compares to a profit of HK$2,581 million in the first half of 2007. The big change in the company’s financial performance was entirely due to the relentless rise in the cost of jet fuel in recent months.


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    Posting Enthusiast JohnK's Avatar
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    Re: Cathay Pacific reports HK$663 million loss 1H 2008

    You can sympathise with Cathay Pacific as they have do it harder than most airlines with the government setting the maximum fuel surcharge per sector on flights from Hong Kong.

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    Moderator Dave Noble's Avatar
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    Re: Cathay Pacific reports HK$663 million loss 1H 2008

    Quote Originally Posted by JohnK View Post
    You can sympathise with Cathay Pacific as they have do it harder than most airlines with the government setting the maximum fuel surcharge per sector on flights from Hong Kong.
    Why? There is nothing to stop them setting fares to a higher price if needed. They are just restricted in how much they can have pretend fares with fuel fines

    dave

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    Re: Cathay Pacific reports HK$663 million loss 1H 2008

    Quote Originally Posted by Mal View Post
    Cathay Pacific - About Us : Press Room

    Ouch. Looks like fuel costs are really biting hard - it's a -125.7% change on last year's 1st Half result.
    Wow thats huge. Does Cathay have any cosy government deal to prop them up?? (Like Singapore)

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    Junior Member FPred's Avatar
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    Re: Cathay Pacific reports HK$663 million loss 1H 2008

    Quote Originally Posted by pauly7 View Post
    Wow thats huge. Does Cathay have any cosy government deal to prop them up?? (Like Singapore)
    I didn't know singapore airlines does. since when?

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    NM
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    Re: Cathay Pacific reports HK$663 million loss 1H 2008

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    Quote Originally Posted by FPred View Post
    I didn't know singapore airlines does. since when?
    Since Singapore Airlines has been owned by Temasek Holdings. Temasek is owned by the Singapore Government. So I guess it has been since about 1974.

    Note that Temasek also owns SingTel, which now owns Optus and 49% of Virgin Atlantic.

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