Cathay Pacific posts record $1.27bln H1 loss amid pandemic

posted on 12th August 2020 by Eddie Saunders
Cathay Pacific posts record $1.27bln H1 loss amid pandemic

By Jamie Freed, Reuters News

SYDNEY: Hong Kong’s Cathay Pacific Airways Ltd 0293.HK 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%. ($1 = 7.7506 Hong Kong dollars)