Cathay Pacific Stock Drops on Unexpected First-Half Loss
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Cathay Pacific Airways Ltd., the biggest international air-cargo carrier, fell the most in about three months in Hong Kong after posting an unexpected loss on a freight slump, higher fuel costs and waning premium travel.
The airline swung to a first-half loss of HK$935 million ($121 million) as it carried 10 percent less cargo and suffered from wider losses at a freight venture with affiliate Air China Ltd. Volumes have fallen because of slower global trade and competition from fast-growing Middle Eastern airlines.