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, as it continued to lose customers to mainland Chinese competitors and booked higher costs related to fuel and restructuring.

The loss of HK$2.05 billion (S$357.84 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.

Group revenue edged up 0.4 per cent to HK$45.9 billion, while passenger yields - the average fare paid per mile per customer - tumbled 5.2 per cent to $5.15, Cathay said in a filing to the Hong Kong bourse.

Yield on cargo services rose 4.4 per cent.

REUTERS