Cathay sees freight slide

City A.M. Reporter
CATHAY Pacific, the world’s largest international air cargo carrier, said it does not yet see a lasting recovery in the freight market, after reporting an 83 per cent year-on-year drop in profit for 2012.

The firm posted a HK$916m (£79.1m) profit for the year, including a loss in the first half on soaring fuel costs and slow cargo growth.

“Cargo was certainly a drag on the results last year,” chief executive John Slosar said. “In the first couple of months this year, we haven’t seen anything that we could call a sustained pick-up.”