Cathay Pacific Flags First-Half Loss Of $1.3 Billion As Travel Demand Battered

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.

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.

(Reuters)