Cathay Pacific Tumbles after Profit Warning
02.07.2008 (16:57)
Shares in Hong Kong's leading air carrier Cathay Pacifictumbled 7 percent after the airline warned on Wednesday of "disappointing" first-half earnings.Asia's third most valuable carrier said it was forced to pay 60 percent more for jet fuel in the first six months of the year, on average. Cathay said that the most recent market prices for jet fuel, which have soared this year alongside skyrocketing crude oil, were nearly double what it paid in 2007.
The airline's shares ended the morning up 1.1 percent before the profit warning, reports Reuters.
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