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Cathay Misses Estimates on $482 Million Fuel Hedging Loss

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Cathay Misses Estimates on $482 Million Fuel Hedging Loss

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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. The Shares plunged.

Profit jumped almost sixfold to HK$1.97 billion ($254 million) in the six months ended in June, trailing the HK$2.22 billion median estimate in a Bloomberg News survey of six analysts, Hong Kong-based Cathay said in a statement Wednesday. Sales in the first six months declined 0.9 percent to HK$50.4 billion.