Cathay Pacific economy class tickets cost dip by 4% in 2012

Passengers taking Cathay Pacific Airways flights were able to book cheap tickets for most part of the year. The Hong Kong-based carrier has revealed that stiff competition has forced it to lower its ticket prices in economy class by 4 percent in 2012 as compared to last year.

The airline in a statement said that the challenging economic conditions globally have also resulted in weaker premium cabin traffic. According to Cathay Pacific Airways, its corporate customers traveled above 15 percent less in comparison to the last two years. The dip in premium customers has hurt the airline and resulted in its profitability decline. The airline stated that it considered the traffic in its first class and business class cabins as significant and profitable. But, the airline has suffered in this segment.

John Slosar, Chief Executive of Cathay Pacific Airways, said that apart from the challenges on the revenue side the airline had to face other problems as well. He said that high fuel costs, particularly, also played key role in hurting the finances of the airline. He remarked that this has been quite a challenging year for the airline as well as the aviation industry.