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Cathay Pacific reports $1.1 billion loss for 2008

Cathay Pacific reports $1.1 billion loss for 2008

Hong Kong airline Cathay Pacific says it lost more than $1 billion last year due to surging fuel prices and plunging demand amid the global economic crisis.
Asia's third-largest carrier reported a loss for the 12 months ending Dec. 31 of about $8.6 billion Hong Kong dollars ($1.1 billion).
That compares to a profit of HK$7 billion ($900 million) for 2007.
Revenue grew 15 percent to about $87 billion last year.
Hong Kong's flagship carrier has repeatedly warned its full-year results would disappoint, citing massive losses from bad bets on fuel contracts meant to hedge against last year's rise in jet fuel prices.