Cathay Pacific 2011 net profit plunges 61%
Hong Kong - AFP
Cathay Pacific on Wednesday said its net profit in 2011 plunged 61 percent as it struggled with high fuel prices and softening demand for its cargo operations. The Hong Kong-based carrier said it earned HK$5.5 billion ($709 million) last year, well below the HK$14.0 billion profit it recorded in 2010, despite a 9.9 percent increase in revenue.
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