A Cathay Pacific Boeing 747 is seen on approach to Hong Kong International Airport in Kong, China, in this file photo. The airliner says its earnings outlook would likely be poor because of record cost of fuel. --Bloomberg

TOKYO—Cathay Pacific Airways Ltd., Hong Kong’s largest airline, said earnings this year, including in the first half, will be “disappointing” as the price of fuel trades near a record high.

The spot price for jet fuel is 93 percent higher than the average of what the company paid last year, Cathay Pacific said in a statement Wednesday.

Cathay Pacific has dropped 26 percent this year as the carrier struggles with jet-fuel costs that reached $171.75 in Singapore Tuesday. The Hong Kong-based carrier and other airlines have raised surcharges, hedged fuel and ordered more efficient planes in response to record jet kerosene prices.

“In view of the volatility of the jet-fuel price and the limited and uncertain extent to which this rapidly rising cost can be offset by fuel surcharges, it is not possible to estimate accurately the effect of high jet-fuel prices on the 2008 financial results,” the company said.

The airline boosted ticket surcharges 37 percent last month, the biggest increase since 2004, because of rising fuel costs. Singapore Airlines Ltd., Qantas Airways Ltd. and other carriers have made similar moves. Still, higher ticket prices may deter travelers, already suffering from rising job insecurity and higher costs for food and other goods. (Bloomberg)

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