Shares in Cathay Pacific Airways Ltd. fell sharply Thursday after Asia's third-largest carrier said it could lose nearly $1 billion from hedging its jet fuel costs, adding to the toll on global airlines from bad bets on oil prices.
The company also reiterated its profit warning for 2008, saying passenger and cargo traffic had weakened significantly in November and December. Cathay shares tumbled 7.6 percent to 8.97 Hong Kong dollars on the territory's stock exchange.
Hong Kong's flagship airline, in a statement late Wednesday, said its unrealized losses from hedging contracts as of year's end had soared to HK$7.6 billion ($980 million) as oil prices slumped in …
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