HONG KONG, Aug. 17 (Xinhua) -- Hong Kong-based airline Cathay Pacific Wednesday announced that its profits in the first half of 2016 plunged 353 million HK dollars (about 45.5 million U.S. dollars), down 82 percent from the same period last year.
The company's revenue in the period dropped 9.2 percent to 45.68 billion HK dollars. Passenger revenue was 33.413 billion HK dollars, down 7.8 percent compared to the same period in 2015; cargo revenue was 9.415 billion HK dollars, down 17.2 percent.
Total fuel costs for the airline decreased by 4.023 billion HK dollars compared with the first half of 2015, despite a rise in the price of fuel in the second quarter.
The company ascribed the decrease of profit to market downturn and economic slowdown.
"We expect the operating environment in the second half of the year to continue to be impacted by the same adverse factors as in the first half," the airline's Chairman John Slosar said in a document published on the Hong Kong Stock Exchange website. (1 U.S. dollar = 7.75 HK dollars) Enditem