Cathay Pacific posts worst first-half loss in at least 20 years

Shanghai

CATHAY Pacific Airways Ltd on Wednesday posted its worst first-half loss in at least 20 years and said it did not expect conditions to improve for the rest of the year, as it continues to lose customers to mainland Chinese competitors.

The loss of HK$2.05 billion (S$358.59 million) for the six months ended June, versus a profit of HK$353 million a year ago, puts the Hong Kong airline on track for its first ever back-to-back annual loss since it was founded in 1946.