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Cathay Pacific H1 net profit down 59 percent

By Alison Leung | China Daily | Updated: 2011-08-11 07:47

HONG KONG - Cathay Pacific Airways Ltd, Asia's fourth-largest air carrier by market capitalization, reported on Wednesday a better-than-expected 59 percent fall in first-half net profit, reflecting soaring fuel costs.

Cathay also announced on Wednesday that it had placed orders for four Boeing 777-300ER aircraft and eight Boeing 777-200F freighters with a total list price of $3.28 billion.

Cathay, the dominant airline in Hong Kong, said that after an exceptionally strong 2010, this year was proving to be more challenging.

Cathay Pacific H1 net profit down 59 percent

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