The handover period proved disastrous for Cathay Pacific, with significantly reduced passenger levels out of Hong Kong undermining interim results.
Profits slid during the June half despite the inclusion of a one-off compensation benefit from British engine manufacturing giant Rolls-Royce in the company's accounts.
The airline was forced to ground 11 Airbus A330 powered by the Trent engine for more than two weeks during May and June - estimated to have cost between $120 million and $150 million - which prompted the compensation.
The airline recorded earnings of $1.06 billion before exceptionals for the six months to June 30 - down on a $1.10 billion pre-exceptionals figure for the same period last year - as the closing two months of the period took their toll.
If the company's exceptional gain from the sale of shares in Hong Kong Dragon Airlines (Dragonair) during the corresponding half last year is taken into account, bottom-line profit fell by more than 35 per cent.
Overall turnover rose marginally to $15.77 billion, while earnings per share fell 6.6 cents to 31.1 cents per share, due in part to a significant dilution of Cathay's share capital.
