Cathay Pacific Airways, Asia's No 4 carrier by market value, on Wednesday posted a 59 percent fall in first-half net profit, dented by soaring fuel costs and lower cargo demand amid uncertainty over the global economy.

Cathay, the world's largest air cargo carrier, reported a net profit of HK$2.81 billion ($359.9 million) for the six months ended June, down from a record HK$6.84 billion a year earlier when it booked HK$2.17 billion from the sale of investments.     

The result beat an average forecast of HK$1.5 billion from four analysts polled by Reuters. That compared with an 82 percent drop in net profit for regional rival Singapore Airlines Ltd to S$44.7 million for the quarter ended June 30.

Shares of Cathay have lost about a quarter of their value this year on rising oil prices and recent market volatility, triggered by Standard & Poor's credit rating downgrade of the United States. The stock was down 0.5 percent at HK$16.2 on Wednesday, ahead of the results. - Reuters