(Corrects headline, first paragraph after company clarifies
fuel hedging was for H2 2012, not whole of 2012)
HONG KONG Aug 8 Cathay Pacific Airways Ltd
, the world's largest air freight carrier, said on
Wednesday that it has hedged 37 percent of its fuel usage for
the second half of 2012 and 27 percent in 2013.
Financial Director Martin Murray said fuel prices were high
for most of the first half of this year then fell in June, and
the company increased its hedging position when prices dipped.
Murray was speaking after the company posted its worst
first-half loss since 2003, hit by high fuel costs, weak cargo
demand and fewer premium passengers, pushing its shares down as
much as 7.7 percent on Wednesday.
Cathay Pacific shares closed down 4.3 percent at HK$12.36 on
Wednesday, the lowest level in nearly two months and lagging a
flat overall market.
The stock has dropped 7 percent so far this year, lagging a
9 percent gain in the benchmark Hang Seng Index.
(Reporting By Alison Leung; Editing by Anne Marie Roantree and