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Cathay Pacific's H1 profit tumbles

Associated Press logo Associated Press 17/08/2016

Cathay Pacific Airways says its profit tumbled in the first half of the year as economic weakness in China and other important markets cut passenger demand.

Hong Kong's biggest airline on Wednesday posted interim net profit of 353 million Hong Kong dollars ($A59.12 million), down 82 per cent from the same period a year earlier.

The airline said its earnings were hurt by "economic fragility and intense competition" in the January-June period, putting sustained pressure on revenue, which fell 9.2 per cent.

The company, which also operates regional carrier Cathay Dragon, said passenger numbers rose 2.7 per cent but the money it earned from them fell 10 per cent.

Cathay said it expects business conditions to remain challenging for the rest of the year.

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