Cathay shares drop as profit dives 82% on fuel hedge loss

Shares dived on Wednesday in Cathay Pacific Airways Ltd, Asia's biggest international airline, on first-half profit that missed analyst estimates - after it posted losses from jet-fuel hedges and passenger yields that declined amid fierce competition.

The unexpected financial result saw Cathay shares fall the most in a year.

Net income in the six months to end June fell 82 percent to HK$353 million ($45.5 million), Cathay said in a statement on Wednesday.