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Cathay Pacific half-year profits dropped 82 per cent amid fierce competition, fuel surcharge suspension and weak premium class demand.
The Hong Kong-based airline reported a profit of 353m HK dollars down from 1,972m HK for the same period in 2015.
Revenue for the six months to 30 June fell 9.2 per cent to HK$45.68bn.
“The operating environment in the first half of 2016 was affected by economic fragility and intense competition,” the airline said in a statement.
“There was sustained pressure on revenues, reflecting suspension of fuel surcharges, weak currencies in some markets, weak premium class demand, particularly on long-haul routes, and a higher proportion of passengers transiting through Hong Kong.
“All these factors impacted the Group’s operating performance. The contribution from subsidiary and associated companies increased,” it added.
The company gave a cautious outlook, saying that the same headwinds would remain in the second half of the year.
Chairman John Slosar said the overall business outlook "remains challenging".
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