The China Post
Date: August 18, 2016
By: AFP

HONG KONG — Hong Kong flag carrier Cathay Pacific said Wednesday its first-half profit dropped 82 percent from a year earlier, with the company hit by an economic slowdown in China and increasing competition from its peers.

Net profit for the first six months of the year plummeted to HK$353 million (US$45.52 million).

It compared to the HK$1.97 billion recorded in the same period last year and largely fell short of the HK$1.07 billion median estimate in a Bloomberg News survey of four analysts.

Revenue for the period also fell 9.3 percent to HK$45.68 billion.     [FULL  STORY]