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[lylyanna]

Aviation News Release


Cathay Pacific Warns Of Disappointing 2008 Earnings

January 7, 2009

Cathay Pacific Airways, Hong Kong's dominant airline, said on Wednesday 2008 earnings will be disappointing due to weak revenue and losses on fuel hedging -- its second profit warning in about two months.

The airline said it expects to lose HKD$7.6 billion (USD$974 million) on fuel hedging, worse than the HKD$2.8 billion in estimated losses it revealed in November, when the airline also warned of potentially disappointing results.

Cathay said revenue has continued to weaken since November, with first and business-class traffic falling significantly and softness in the air cargo market from Hong Kong and mainland China.

It said the increase in unrealised mark-to-market fuel hedging losses was caused by the slide in oil prices in the final two months of the year.

Reuters, © Ascent Pacific 2009

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[lylyanna]

Aviation News Release


Cathay Pacific Shares Down After Profit Warning

January 8, 2009

Cathay Pacific Airways shares were down 6.3 percent at HKD$9.10 shortly after the market opened, hit by the airline's warning of disappointing 2008 earnings due to weak revenue and fuel hedging losses.

The stock had been up before the opening session by 3 percent with investors focusing more on the drop in oil prices.

Hong Kong's dominant airline estimated its unrealized mark to market losses as of the end of December 2008 at HKD$7.6 billion (USD$980.5 million).

The increase in the losses was due to a substantial reduction in oil prices for the three months ended in December, Cathay said.

Shares in the carrier have fallen by more than half over the past year.

© Ascent Pacific 2009

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