Cathay Pacific 2012 Net Profit Tumbles 83%

Cathay Pacific Airways CPCAY reported an 83% drop in its 2012 net profit. Cathay Pacific's net profit for the year tumbled to 916 million Hong Kong dollars (US$117.8 million), from HK$5.50 billion in 2011. In the first half, it posted a net loss of HK$935 million. However, analysts were expecting a 2012 net profit of HK$829.7 million. Its revenue for the year rose to HK$99.38 billion from HK$98.41 billion. Cathay Pacific shares closed at $9.09 yesterday.