CATHAY EARNINGS HAMMERED BY FUEL COSTS

HONG KONG’S Cathay Pacific airline posted a 61 per cent drop in net profits yesterday, blaming rising fuel prices and a decrease in cargo shipments. The airline made HK$5.5bn (£450m) in 2011, down from HK$14bn in 2010. The airline, one of the world’s largest cargo carriers, reported an 8.6 per cent drop in its freight services while its biggest expense, fuel, was hit by a price increase of 44 per cent. Picture: GETTY