Anatomy of a “disappointing” year – Cathay prepares for second loss in 62-year history

Cathay Pacific has only once recorded a full-year loss in its 62-year history – ten years ago during the Asian financial crisis. The airline has prepared investors to expect its second ever loss in 2008, and it could be ugly. But even more red ink is likely. [1224 words]

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This report contains the following subheadings:

• The shift from cost to revenue concerns
• Second profit warning, weak traffic outlook. Billion dollar hedging loss
• Cargo abyss
• Outlook: Big questions to answer

This report contains the following charts and tables:

• Cathay Pacific passenger numbers growth (% year-on-year) and cargo volume growth (% year-on-year): Jan-08 to Dec-08
• Cathay Pacific passenger capacity growth by region: Jan-08 to Dec-08
• Cathay Pacific passenger load factor by region: Jan-08 to Dec-08