CX would of been profitable if it wasn't for the incompetent managers who messed up the fuel hedging.
Just to be clear, this is far more than just messing up hedging. The only purpose of a true hedge is to smooth earnings (to help executives get their bonuses), but in the long run a hedge should have no effect on profit/loss. Oil prices go up and down — and airlines can do nothing about it.
What Cathay has done repeatedly is not hedging. It's reckless financial speculation.