CATHAY Pacific Group’s cargo business was affected by continued weak demand in major markets according to bosses.
Cargo revenue for the first half of 2012 was down by 7.6 per cent to US$1.4b, while the load factor was down by 4.1 to 64.3 per cent.
A spokesman says: “Demand for shipments from the Group’s two key markets, Hong Kong and mainland China, was well below expectations, though the introduction of new hi-tech consumer electronics products in March resulted in a temporary improvement.
“Cathay Pacific continued to develop new markets where demand warranted doing so, introducing freighter services to Zhengzhou in March and to Hyderabad in May.”
Three Boeing 747-400BCF freighters have also been withdrawn from service to cut costs.
In total the group lost US$120m.