Cathay Pacific Airways Chairman Christopher Pratt (R) and Chief Executive Tony Tyler attend a news conference announcing annual results in Hong Kong March 11, 2009. Cathay Pacific Airways Ltd, Hong Kong's dominant airline, on Wednesday posted a bigger-than-expected $1 billion second-half net loss, a record, and warned that the year ahead will be "extremely challenging" on possible hedging losses and weak passenger and cargo demand. REUTERS/Bobby Yip (CHINA BUSINESS TRANSPORT) HEADSHOT)