Air Transport World

Asian flu drains Cathay profit...

Battered by Asia's economic slump, Cathay Pacific Airways reported a 1998 net loss of HK$542 million ($70 million) after posting a profit of HK$1.7 billion in 1997. It was Cathay's first annual loss in 35 years. Turnover fell 12.9% to HK$26.7 billion from HK$30.6 billion in 1997.

Last year 'will stand out as one of the roost difficult years in the history of Cathay Pacific, as the severe contraction of Asian economies inevitably took a heavy toll on many of our key markets," Chairman Peter Sutch said in a statement. "The year ahead is shaping up to be another difficult one for Cathay Pacific. All signs suggest the operating environment will remain challenging and no significant improvement is expected in 1999. …

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