Cathay Pacific sees red

The airline's profits plunge 222% to a record $1.1 billion annual loss mainly due to fuel hedges.

Hong Kong-based Cathay Pacific Airways fell deep into the red in 2008 during one of the most volatile years on record for the global airline industry.

The airline reported a record annual loss of HK$8.6 billion $1.1 billion for 2008, representing a 222% drop on the HK$7 billion profit it made in 2007. A HK$7.6 billion unrealised mark-to-market loss on the fuel hedges led to Cathay Pacific falling into the red. A rapid decline in...

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