Cathay Pacific profit declines on fuel prices, uncertainty and low demand


AP

HONG KONG — Cathay Pacific Airways Ltd. said its annual profit tumbled by more than 80 percent because of high jet fuel prices, global economic uncertainty and weak demand for air cargo.

Hong Kong’s biggest airline on Wednesday said 2012 profit fell 83 percent to HK$916 million (US$118 million) from HK$5.5 billion in 2011. Earnings per share fell to 23.3 HK cents (3 cents) from HK1.40 a share the year before.