Cathay Pacific issues profit warning over fuel prices
02.07.08
Hong Kong airline Cathay Pacific issued a profit warning today. The company said: ‘Cathay Pacific's financial performance is being materially and adversely affected by the high price of jet fuel.'
The statement said the most recent spot price for jet fuel had risen 93% compared to the average price paid by Cathay in 2007. The airline warned that, because of the volatility in the price of fuel, it was not possible to accurately predict the effect on its 2008 financial results.
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