In November, the Hong Kong-based air carrier said its mark-to-market hedging losses stood at HK$2.8bn and it warned of weak across-the-board revenues.
Like other airlines, Cathay has been caught by the steep fall since last summer in the price of crude. Fuel is now priced below the level set in many hedging contracts.
“The 2008 financial results are still expected to be disappointing,” Cathay said in a statement to the Hong Kong Stock Exchange. “Since the November announcement revenue has continued to weaken. First- and business-class traffic in particular have fallen. . . . Advance bookings for the first quarter of 2009 are markedly down on the same period in 2008.”
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