Cathay Pacific posts record HK$9.87b H1 loss amid pandemic

[SYDNEY] Hong Kong's Cathay Pacific Airways on Wednesday reported a record HK$9.87 billion (S$1.75 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 per cent 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 per cent.

REUTERS

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