Cathay Pacific posts record $1.27 billion first-half loss amid pandemic

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August 12, 2020

Hong Kong’s Cathay Pacific Airways Ltd on Wednesday reported a record HK$9.87 billion ($1.27 billion) firsthalf loss and said it did not expect a meaningful recovery in passenger demand for some time due to the coronavirus pandemic.

Reuters

Last Updated: August 12, 2020, 9:57 AM IST

SYDNEY Hong Kong’s Cathay Pacific Airways Ltd on Wednesday reported a record HK$9.87 billion ($1.27 billion) first-half loss and said it did not expect a meaningful recovery in passenger demand for some time due to the coronavirus pandemic.

The figure was in line with the HK$9.9 billion forecast it had flagged last month and included HK$2.47 billion of impairment charges.

Revenue plunged 48.3% to HK$27.7 billion in the six months ended June 30 as it slashed passenger flying to a barebones schedule due to lower demand and border restrictions, though it added more cargo-only flights as freight yields rose 44.1%.

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($1 = 7.7506 Hong Kong dollars)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Cathay Pacific posts record $1.27 billion first-half loss amid pandemic

Hong Kong’s Cathay Pacific Airways Ltd on Wednesday reported a record HK$9.87 billion ($1.27 billion) firsthalf loss and said it did not expect a meaningful recovery in passenger demand for some time due to the coronavirus pandemic.

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