Hong Kong's Cathay Pacific Airways says it fell into the red in thefirst half of the year because of persistently fuel high prices and weak aircargo demand.
Cathay posted a loss Wednesday of 935 million Hong Kong dollars ($120.5million) or 23.8 Hong Kong cents a share for the first six months of 2012.That's down from a profit of HK$2.8 billion ($360 million), or 71.4 cents, lastyear
Many global airlines are suffering from high fuel prices. Cathay is coping byreplacing older, fuel-thirsty jets with newer, more efficient ones. It alsoannounced that it's beefing up a 2010 order for Airbus A350 jets by adding 10more to the deal and converting 16 others into larger models.