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Cathay Pacific Earnings Lag Behind Estimates on Yields

Cathay Pacific Airways Ltd., Asia’s biggest international airline by passengers, reported profit that lagged behind estimates as competition with Middle East carriers held down fares and losses from affiliates widened.

Net income jumped 14-fold to HK$347 million ($45 million) in the six months ended in June, Cathay said in a stock exchange statement today, compared with the HK$462 million median profit estimate in a Bloomberg News survey of eight analysts. Hong Kong-based Cathay forecast business “to be better” in the second half of the year.