Airlines are still in for financial turbulence despite a recent fall in oil prices, with many at risk of posting major losses as the cost of their top input remains historically high.

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Shares in Cathay Pacific plunged Thursday, after the Hong Kong flag carrier announced a raft of cost-cutting measures and warned of 'disappointing' first-half results due to high fuel prices.

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Cathay Pacific on Wednesday said its 2011 net profit plunged 61 per cent as it struggled with high fuel prices as well as softening demand for its cargo business and warned of a challenging 2012.

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