Companies

Cathay Pacific flags first-half loss of $1.3 bln as travel demand battered

Credit: REUTERS/BOBBY YIP

Hong Kong's Cathay Pacific Airways Ltd expects a first-half net loss of HK$9.9 billion ($1.3 billion), including impairment charges on 16 planes, the airline said on Friday, as the coronavirus pandemic crushed travel demand.

SYDNEY, July 17 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd 0293.HK expects a first-half net loss of HK$9.9 billion ($1.3 billion), including impairment charges on 16 planes, the airline said on Friday, as the coronavirus pandemic crushed travel demand.

Earlier, the airline had flagged a "substantial" first-half loss and that it had burned through cash of HK$2.5 billion to HK$3 billion each month since February.

The first-half loss estimate compares to a profit of HK$1.347 billion profit in the first half of 2019, before widespread anti-government protests and the virus withered demand.

($1=7.7530 Hong Kong dollars)

(Reporting by Jamie Freed; Editing by Clarence Fernandez)

((Jamie.Freed@thomsonreuters.com; +61 2 9171 7143;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More