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 cargo and passenger revenue during the second half also contributed to its misfortune.
The earnings were roughly in line with or below analysts' estimates. After the announcement Wednesday, Cathay Pacific's shares closed up...
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