BEIJING:  Hong Kong-based airlines Cathay Pacific had reported an 83% drop in profits amidst higher fuel costs and a plunge in demand for corporate travel.

According to the BBC News, "the carrier made a net profit of 916m Hong Kong dollars ($118m) in 2012, down from HK$5.5bn a year ago."

Cathay disclosed that weak cargo demand and rising competition in the region also impacted its profitability.

As reported by the BBC, “the airline industry has been hit hard by an economic slowdown in key markets such as the US and Europe.”

The slowdown, which has harmed consumer demand, has witnessed companies scale back on corporate travel, a pivotal driver of growth for airlines.

To read the entire article from the BBC News, link here:

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