Cathay Pacific Reports 59% Fall In Net Profit

Cathay Pacific Airways Ltd

reported a 59% drop in its first-half net profit. Cathay Pacific's net profit dropped to HK$2.81 billion, from HK$6.84 billion, in the year-ago period. However, analysts were expecting a net profit of HK$1.54 billion. Its revenue climbed 13% to HK$46.79 billion from HK$41.34 billion. Cathay Pacific shares gained 1.95% to close at $10.48 yesterday.