Cathay Misses Estimates on $482 Million Fuel Hedging Loss
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Passengers board a Cathay Pacific Boeing 747 airplane at Changi Airport in Singapore.
Cathay Pacific Airways Ltd., Asia’s largest international airline by passengers, reported net income that lagged behind analyst estimates after it had losses from fuel hedging and passenger yields dropped. Shares extended losses on the results.
Profit jumped to HK$1.97 billion ($254 million) in the six months ended in June, below the HK$2.22 billion median estimate in a Bloomberg
News survey of six analysts, Hong Kong-based Cathay said in a statement to the stock exchange Wednesday. That compared to net income of HK$347 million a year earlier. Sales in the first six months declined 0.9 percent to HK$50.4 billion…
Cathay Misses Estimates on $482 Million Fuel Hedging Loss
