HK's Cathay posts $120M loss in 1H on fuel costs

Hong Kong's Cathay Pacific Airways says it fell into the red in the first half of the year because of persistently fuel high prices and weak air cargo demand.
Cathay posted a loss Wednesday of 935 million Hong Kong dollars ($120.5 million) 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, last year
Many global airlines are suffering from high fuel prices. Cathay is coping by replacing older, fuel-thirsty jets with newer, more efficient ones. It also announced that it's beefing up a 2010 order for Airbus A350 jets by adding 10 more to the deal and converting 16 others into larger models.